Posted on: 08th Jul, 2010 01:43 pm
What are the legal ramifications of selling our 4500sqft steel building which we paid cash for and put on our property before we did the refinancing which ended up being a predatory loan and now is causing us to go into foreclosure. And would filing chapter 7 help with the problem it would cause?
Thanks for your help!
Thanks for your help!
Hi cowgirl!
Welcome to forums!
I guess while refinancing you have used the land as well as steel building as the collateral. In that case, the lender will foreclose both of them to recover the dues. As far as Chapter 7 is concerned, you should get in touch with a bankruptcy attorney and check out whether or not you qualify for it. If yes, then you may go ahead with it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I guess while refinancing you have used the land as well as steel building as the collateral. In that case, the lender will foreclose both of them to recover the dues. As far as Chapter 7 is concerned, you should get in touch with a bankruptcy attorney and check out whether or not you qualify for it. If yes, then you may go ahead with it.
Feel free to ask if you've further queries.
Sussane