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I am in a forclosure action.In 2006 I sold a thriving resturant.

I held the mortgage.I also...
I am in a forclosure action.In 2006 I sold a thriving resturant. I held the mortgage.I also sold the land . Payment stopped in 6/2008. I started forclosure in 3/2009. I am paying real estate taxes on the land for the last year and a half. As of this date nothing has happened. Motions delays motions........The lawyers say it could take up to two years. Can you suggest something that can get the ball moving before I am broke. The resturant is still operating.
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Answered in 51 minutes by:
6/16/2009
NY/MA Attorney
NY/MA Attorney, Attorney
Category: Legal
Satisfied Customers: 16
Experience: 20 years experience practicing law.
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You really have not given enough information for a comprehensive answer. I can tell you that if your Lawyer is telling you that you need a different lawyer... you need a different lawyer! What your options are depends upon the Agreement that you made when you sold the business. If you were represented by a Lawyer at the sale of your business I assume that your loan is secured with the business as well as the real estate. This means that you could take over the business if he stops paying. You may have filed financing statements under the UCC (uniform commercial code) which would give you a security interest in the equipment of the restaurant. If this is the case your could go to court and get an order to seize all of the restaurant equipment, this will get their attention. Remember, the squeaky wheel gets the grease.
NY/MA Attorney
NY/MA Attorney, Attorney
Category: Legal
Satisfied Customers: 16
Experience: 20 years experience practicing law.
Verified
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