Posted on: 19th Feb, 2010 03:43 am
I own a business which I have closed. I have a large mortgage on business and can't afford the payments. The building has been for sale for 5 years. I have not made a payment on the building for 1 1/2 years. The business property is in my name. The bank has been working with us but say we need to start paying something. We still pay property taxes and insurance and upkeep on building and can't afford payments on building. I own a home with a mortgage and have 1 credit card bill with the same bank of business. If I want to keep my home (the mortgage is with a different bank), which would be better bankruptcy or foreclosure? Can they make me sell the house? I have no other debts other than monthly bills.
They cannot make you sell your home. You are better off trying a short sale on your business...or let that go into foreclosure.