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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I own a laundromat/carwash in Delaware buthave the loan in

Resolved Question:

I own a laundromat/carwash in Delaware buthave the loan in maryland. I put my house up to secure the loan and now the bank is calling the loan. The bank has already told me they will give me until December 10th to come up with money. My question is, what happens after the 10th? My intentions are to sell the property, pay bank and call it a wash. Will they take things from my house or will they try to sell my business first then come after my home. My business is also a LLC.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question. I am happy to assist you.



The lender must take judicial action before seizing any assets.



Typically the first step would be that the lender files a foreclosure action against your home. At that time you can reevaluate whether you have potential to sell your home. If you need additional time, you can consider filing a Chapter 13 bankruptcy. A Ch 13 can force a repayment plan on the bank and stop the foreclosure.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


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