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Attorney2, Attorney
Category: Legal
Satisfied Customers: 5547
Experience:  28 Years In General Practice,
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At present I owe 50,000 plus interest and have for 5 years.

Customer Question

at present I owe 50,000 plus interest and have for 5 years. The lendor wants me to sign a consent judgement for 70,000 due and payable immediately plus judgement interest interest provided by law. I have lost everything and have no means to pay this. I am hopeful that a new business venture maybe in 3 months may give me the means to pay this. I have a court hearing dated Sept 6. They have ordered both parties to mediate 6 days befoe .What should I do? I have no assets.
Submitted: 2 months ago.
Category: Legal
Expert:  Attorney2 replied 2 months ago.

Welcome and thank you for your question. I will be the Attorney that will be assisting you.

Expert:  Attorney2 replied 2 months ago.

Have you considered filing bankruptcy?

Customer: replied 2 months ago.
great hope you can help as their attorney is waiting for me to sign the consent judgement
Expert:  Attorney2 replied 2 months ago.

Filing bankruptcy, if that is an option, would stop a foreclosure. You would not need to sign the consent if your filed BK. Where in Georgia are located so I can provide a link for a local Attorney that provides FREE consultations that could assist you. We are a general information site and pursuant to the terms of service would not be able to represent you personally, however we can get you headed in the right direction.

Customer: replied 2 months ago.
Locatiion is Johns creek ga 30022(###) ###-####
Expert:  Attorney2 replied 2 months ago.

Just to clarify this is a mortgage on real property?

Customer: replied 2 months ago.
neither is was a loan for a business venture but loaned to me personally.
Expert:  Attorney2 replied 2 months ago.

Got it! If you don't have the money you don't have the money and agreeing to $70,000 plus interest payable immediately is not possible.

Customer: replied 2 months ago.
That is correct we were hoping for another 3 months to try and pay. Is this the wrong move?
Expert:  Attorney2 replied 2 months ago.

If the loan has been default for this long and they will not agree to any additional time I would not want you to sign the consent. I would speak to the Attorney prior to the mediation so all of your options can be taken into consideration. Sometimes these situations happen to us.

You will want to sit down with a bankruptcy attorney and discuss the options. I would also make sure to let the Attorney know that you are being pressured to sign this consent judgment when there is no realistic way to pay.

If you have no assets as I don't see that you can pay any amount immediately.

Expert:  Attorney2 replied 2 months ago.

I am not sure why but your question was posting in an odd format.

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you. Please let me know how everything works out.

If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it.

I hope you can pay for this question without hardship.


Expert:  Attorney2 replied 2 months ago.

I wanted to follow up with you and see what you decided to do in this situation?

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