My question involves real estate located in the State of: OH
My parents have been going through this process the past couple of years. This does not seem "right," and I was hoping to get some advice I could give them.
My family owns a piece of property. The name on the mortgage, (MortA) secured from BankA is an LLC, which my family owns.
There was a business (BizA) leasing this property. They have since moved off the premises, and no longer lease the property. BizA also coincidentally secured a mortgage (MortB) from BankA. The collateral used to secure MortB is the property owned by the LLC.
In this case, the property is used as collateral for both MortA and MortB. We are not affiliated with BizA in any way. However, since the property is collateral for MortB, we are unable to sell the property.
At this point, my family has no income, and are unable to pay MortA. They have just been informed that BankA will be repossessing not only the property, but also any assets they personally own. This would include their house, and RV, which are worth an estimated $400K. To make matters worse, part of the leasing agreement was for BizA to pay the real estate taxes ($34K/year). BizA is not paying the taxes, and the bank is coming after my family for the monies. 17K is past due at this point.
We believe: It is a conflict of interest for the bank to use a single piece of property for collateral on two separate loans.
Also, since the property is owned by LLC, and the name on the mortgage is the LLC, my family should not be personally responsible, thus their personal properties should not be repossessed.
Does anyone know anything here that can help us out? My father worked 30 years to secure that property, which was to be his retirement income. There are still two of my sisters, and a brother all still living in the home, and all are students. My family will be evicted and will start from square one unless we can find a solution.
My parents have been going through this process the past couple of years. This does not seem "right," and I was hoping to get some advice I could give them.
My family owns a piece of property. The name on the mortgage, (MortA) secured from BankA is an LLC, which my family owns.
There was a business (BizA) leasing this property. They have since moved off the premises, and no longer lease the property. BizA also coincidentally secured a mortgage (MortB) from BankA. The collateral used to secure MortB is the property owned by the LLC.
In this case, the property is used as collateral for both MortA and MortB. We are not affiliated with BizA in any way. However, since the property is collateral for MortB, we are unable to sell the property.
At this point, my family has no income, and are unable to pay MortA. They have just been informed that BankA will be repossessing not only the property, but also any assets they personally own. This would include their house, and RV, which are worth an estimated $400K. To make matters worse, part of the leasing agreement was for BizA to pay the real estate taxes ($34K/year). BizA is not paying the taxes, and the bank is coming after my family for the monies. 17K is past due at this point.
We believe: It is a conflict of interest for the bank to use a single piece of property for collateral on two separate loans.
Also, since the property is owned by LLC, and the name on the mortgage is the LLC, my family should not be personally responsible, thus their personal properties should not be repossessed.
Does anyone know anything here that can help us out? My father worked 30 years to secure that property, which was to be his retirement income. There are still two of my sisters, and a brother all still living in the home, and all are students. My family will be evicted and will start from square one unless we can find a solution.
