What happens as a result of a foreclosure

Status
Not open for further replies.

Harry_Dukes

New Member
My residential construction company built a duplex with a construction loan of $300,000. At time of construction it was appraised at $370,000 and is now worth approximately $150 - 160,000. We have had an offer of $150,000 which was submitted to our bank requesting a short sale. They will take the $150,000 offer if we (the three owners) sign personally a deficiency note for the difference or they will foreclose. Up until August we have made all interest payments. We have now told the bank we can no longer do so. Our predicament is that as small builders we were required to sign personally as well as the company for the original construction loan. Our question is--what can we expect them to do to us personally if they foreclose. Can they place a judgment, a lien on our personal homes, take our vehicles or any of our personal property?
 
Status
Not open for further replies.
Back
Top