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I have a floridia property -4 condos that did not sell..i owe a delaware lender 5,200,000 they want there money ..they are being pricks and want me to auction homes then pay them the difference...I have a partner so it looks like we will end up owing lender 1,500,000 each.. they told us they would work with us but now told us to sell are delaware vacation homes to pay them...we stated we would each take a 500,000 morgagae but thats it they say no.. should we 1. do nothing 2. file for protection ( delaware corp wroking in flor,they are a 500 million de bank that lent money in flor) fed has to be pissed at them ...3.hire someone to wrokout a plan with them
Already Tried: we had lunch with lender and kept a open door policy and told them 6 months before our construction loan ran out that we saw a problem
Hello Customer,
Your first step in dealing with this situation should be to hire someone to workout a plan with them. If they are being pricks and refuse to negotiate then I would file for protection. Doing nothing is not a good option. If they should sue you for the balance you can at least show the court that you were trying to work with them.
Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Thank you
? what is protection
Bankruptcy.
Experience: Extensive Experience in Real Estate, Contract, and Business Law