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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29082
Experience:  30 years of real estate practice experience.
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After going through a mediation settlement on a mortgage with

Customer Question

After going through a mediation settlement on a mortgage with BOA 2 years ago I am told by a company that bought the mortgage from BOA my company still owes an unsecured credit line amount of over $ 100,000. Thought this was part of settlement. Waiting for info to verify from new lender. My question is if my company does have an unsecured amount due what happens if I refuse to pay. I have no ethical issues not paying BOA. Will spare you the sordid experience I have had with BOA over the last 35 years.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.
Thank you for using JustAnswer. I am Loren, a Florida licensed attorney, and I will do whatever I can to answer your question.
Unfortunately, unless the line of credit was included in the mediation settlement, your company would still be liable for repayment, assuming, of course, that you had no valid defenses to assert.
If you refused to repay the bank could sue for breach. If you gave a personal guaranty then the lender could pursue your personal assets, as well as business.
I hope this is helpful.  If you have any follow up questions feel free to post them.  It is never a problem.
Thank you.
Loren

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