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Category: Business Law
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My Mother is getting sued by the bank for the lien on her business

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My Mother is getting sued by the bank for the lien on her business building....However, she was going to pay off the bank, once she sold the building which she has been trying to do the past five years, but the banks are not giving out loans...I have more details, desperate for help and advice?
What do you want to know?
Customer: replied 6 years ago.
Well my mother goes to court in a few weeks, and I guess I just need some legal advice based on her situation that would help give her some direction and justice?
if she does not dispute the debt and expects to have assets by a certain time period, that makes the case ripe for settlement, either now, or if the other side wont consent, then at the court with the help of the court. Judges often mediate settlement in such situations where the issue is payment.
Customer: replied 6 years ago.
Well yes she knows and doesn't dispute the fact that she has debt, but her point is that she can't pay it until she sells the building, but the bank thats suing her is pretty much making that impossible to happen either denying potential buyers loans or some other reason. How is she supposed to defend herself or get the building sold so that she can pay the bank the debt?
You make a good point and the lender is likely concerned that she will sell and abscond with the money and that is their collateral. They should negotiate a settlement, likely in court, which would permit the sale with lender consent into an escrow account out of which the lender/creditor would be paid. This would help sell it and ensure lender is not less secure.
Customer: replied 6 years ago.
That sounds do you think that would be her best bet, what about filing for bankruptcy?
That is superior to bankruptcy and she should strongly consider using a lawyer for the appearance/negotiation. Kindly accept my answer.
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Customer: replied 6 years ago.
Thank you so much for your advice, it really means a lot. I will accept your answer, and tip you like ten bucks. I know that might not be anything to you, but when you don't have much its a lot! One Love
Thank you very much and I wish you the best of luck.

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