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I am in a real fix. My farm was on what you would probably…

I am in a real...
I am in a real fix.
My farm was on what you would probably consider a 5 year note. I always had private banking notes, and they would just roll them over every 5 years. I went
through financial hardship and currently I have managed to pay off all of my creditors, in the last 4 years I PERSONALLY have paid back the $500,000 owed by my corporation to Huntington Bank. I have traveled ALL OVER the world working, selling equipment assets, doing specialty engineering and I worked with one of their oficers in the process to get it cleared up. In fact, my case went all the way to the President of the bank and top officers because of the amazing letter I wrote to the VP of "Loan Recovery" who chose to "let me" handle the sale of all of the assets because i was considered to be a "master" in the field and the best person to get the most out of them... AND we did. But in the process my personal credit suffered horribly, I robbed peter to pay paul... but GUESS WHAT. In the end, everybody has gotten paid. Now my 4 year note is up, Huntington tells me that I don't have good enough credit for them to renew or give me a new note. I cannot even get lending through a lender like "J.G. Wentworth" because while I was tgraveling the world, I would pay Huntington every 60 days on my mortgage because I was in the Amazon, I was in 3rd world Asia working my ass off, sometimes with armed guards around me. I am NOT behind on my mortgage payment, I have over 1 million dollars in assets, I have about $30,000 in cash in the bank. I own a commercial peace of real estate that is DEBT FREE with a value of around $350,000 maybe as low as $300,000 which exceeds what I owe the bank. the girl in charge of their "Home Saver" program which was to help get something in place that worked, never followd through, wouldn't answer my emails, would tell me I didn't send things that I sent to her 3x, and she had me working corporate tax retirns for them for 60 days, and I kept all of my income INSIDE my corporations where the payments were made. I personally claimed $30,000 per year on my tax return. HOWEVER, I made over $300,000 in 2016 and had a profit left over of like $190,000 and last year I generated around $60,000 for my corporation. I own 100% of the corporate stocks, I am the only employee now for like the past 3 years, and all of the work i did was CLEARLY from my work as an engineer and NOT what the original corporation was setup to do, although it is within the same field. No legal problems there or tax problems how we did it. She tells me 2 days.... "You don't make enough money for a loan." Now I have TRIED to tell her that all of the money in the corporate returns was MY MONEY left inside the corporation to pay off THEIR debts on the commercial note that is now satisfied. I do not qualify for any govt. assistance help, loans, anything, it is not owned by fannie or freddie, I am NOT late on any payment, I cannot get it refinanced because my credit SUCKS. Give me 36 months and I will be in the top of all citizens in America if I'm not currently. Can they foreclose on me? If they tell me tomorrow I have 15 days to pay them in full and I cannot what can I do? I can of course keep paying them... but will they take my money? I would hope so....... Who can please offer me sound advise, I am literally taking vallium I am shaking so bad. My farm is wroth around $1mm dollars and I owe $280,000 on it and Own clear and free a building worth $350,000 that is for sale commercial, and I have about $200,000 in equipment for sale on the market and that isn't even all my assets. If I cannot get lending can they just take my home?
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Answered in 3 days by:
3/25/2018
Andy4712
Andy4712, Accountant
Category: Finance
Satisfied Customers: 758
Experience: Business and accounting graduate.
Verified

Have you tried getting a commercial loan on the building?

https://www.google.com/search?q=how+to+get+loan+on+commercial+property&rlz=1C1CHHM_enUS763US763&oq=get+loans+on+commercial&aqs=chrome.2.69i57j0l2.8024j0j8&sourceid=chrome&ie=UTF-8

Can the corporation get a loan? I would try a different bank or see if they would refinance?

Typically it takes longer to foreclose:

http://www.savethedream.ohio.gov/foreclosuretimeline.aspx

I would ask for extension or give them a lien on some equipment you are trying to sell. You would think that they would want to work with you. If not, then try to find another bank to refinance. You could also consider a bankruptcy. You could do a chapter 13 or file an 11 with the corporation. I would talk to a local bankruptcy attorney.

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Customer reply replied 3 months ago
Andy, my commercial lender is trying to reach up and around the President of Huntington to see through this BIZARRE situation. Everything concerning foreclosure, including your website talks about being behind on payments (I am not) and it talks about (getting caught up) and they talk about working for a lower interest rate. I have PLENTY of money to pay this mortgage, it is my ONLY debt in this entire world, I have paid off everybody. All they need to do is extend this note, forget the fact that NOTHING fits within the underwriting "box." But that they always "somehow" get paid. And there are plenty of assets and I even offered to CONSIGN my commercial building to them so that they get 100% of the sale. Now how can you beat that! This girl there was a complete idiot, spoke to me 1x, promised stuff never followed through, never replied to my emails, wasn't able to read the tax returns, Kept asking for voluminous info on the company, and then said, "the only thing that matters is your personal return." Which we discussed over and in writing was low because I kept EVERYTHING inside the company it was the smartest way to pay off the debts because of how it was structured. I told her that we "could" redo the returns and show the income personally, but it would be a "blood bath" in taxes. She then made a comment about me "breaking the law" by 'fraud" or something for changing my returns. I mean this girl needs fired.... her boss in my opinion is of no help, just another lower level yes person that already knows about this I'm sure and backed her on the decision. So I see that as a waste of time.What do you think a court would say when they have a loan that is not in arears and they are trying to foreclose because things don't "fit in their box." Do you think a court would STOP them? or do you think they would say that according to the contract it is up and they ahve the right not to renew if they don't want to, and even IF in the end it is against their best interest, we can't rule against the rule of law in that mortgage congtract. ? your thoughts.And do you find this apalling?
After the millions of dollars in business I did with them, I didn't file anytype of bankruptcy and I paid them back and they have lost NOTHING. now they try to
take my home over.... "they don't like the numbers."BUT, they would extend somebody who was behind and lower their payments, work with them and help them. But "I don't fit" in that box.

I would not stop paying the mortgage if you have the money. I would write the bank a letter outlining your position. I would probably do a balance sheet to show them your assets and liabilities. I would also do an income statement. I would also dealing with this woman. Maybe you can ask for a a different banker. I

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Are you the sole shareholder of the company? Can you pledge some of the stock?

https://yourbusiness.azcentral.com/banks-look-companys-balance-sheet-income-statement-extending-credit-10454.html

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Customer reply replied 3 months ago
I am closing the Corp. The ace in the hole is a $280k loan on a $750k farm and I have a $350k free clear commercial building and NO other debts and IF they had a brain I made over $300k year 1 and $60k to $100k last year and have AT LEAST $200k in equipment for sale and all these numbers are HUMBLE and not bullshit. They have never had a problem getting paid it I paid 2 months at a to the last few years when I entered the country from world travels paying off their OTHER $500k loan. This entire thing is just silly. A guy who is not paying and struggling they can help. But me who is not they cannot. No other lender will touch me if I was late on 1 payment in 12 months that ends the discussion. Assets seem not to matter and the way the returns are they don't like which I can't help bit they have all the P&L and balance sheets.
Customer reply replied 3 months ago
I own all stock yes

I would try another bank or start selling assets. This bank sounds like they already have their mind made up.

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Andy4712, Accountant
Category: Finance
Satisfied Customers: 758
Experience: Business and accounting graduate.
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