what is the potential impact on my personally if a bank puts a lien on my commercial property?

Deal Score0

I have been paying deligently every month on my line of credit and now the bank is considering not renewing my loan. They hold the second mortgage on the commercial property and another bank holds the primary loan. What is the worst case situation the bank can force upon us??? Can they garnish my wages, credit, selling the property, etc? Help…someone. Thanks

  1. Reply
    Edward G
    May 15, 2011 at 12:12 am

    YES to all of the above. As a minimum it will go on your credit report making it more difficult and more expensive for you to obtain credit.

    Try to work it out with them.

  2. Reply
    mister ed
    May 15, 2011 at 1:11 am

    all of the above === sat down and work something out with the banks!!!!

    Leave a reply

    Register New Account
    Reset Password