Why are 2 business loans cross collateralized with heloc treated as 1 commercial & home mtg laws dont apply to home as security

Asked about 1 year ago - Orlando, FL

Bank filed foreclosure on 2 business loans and my heloc when couldn't pay a business loan balloon. Security for it is more than its loan and heloc combined. Security more than owed on 2nd loan. Homes 1st, in foreclosure with different bank doing mod, these foreclosures will ruin. 1st put heloc in default but I kept paying, plus pd 50g extra on principle. Bank refied its balloon 3 times. Theyve filed all 3 as 1 foreclosure, judge denied separating as cross collateralized though taken by 2 separate corps and myself personally. As home secures 1 why don't home mtg laws apply? They are treated as 1 commercial. Had money to pay business loans but bank refused insisting all 3 pd. Dont they have a duty to try and help save your home? I've made all pmts and they will take my income & home

Attorney answers (1)

  1. Nina Tamar Marano

    Contributor Level 7

    Answered . An online forum is not adequate to answer your question. The answer will depend on the language in the documents governing your loans and the particular circumstances related to your matter. To get a more accurate picture of your legal rights and remedies you should consult with an experienced attorney.

    NO LEGAL ADVICE: This response is not intended as legal advice nor should you consider it as such. It is intended... more

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