Business Foreclosure

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I know and what sucks is the more people are paying on debt... from thier failures that came because of the economy... the more the economy is going to get worse!

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Jacqui.

Sorry to hear your situation. So have met with your attorney? what have he said? Will the "Assignment for the Benefit of Creditors" help in your situation? Please let us know about it.

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I am meeting with him in a few hours, I will let you know!

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Hi I met with our attourney. He basically is handling all the 'summons' stuff for us, it cost about $1500 dollars. What I got out of what he was saying is that by using him he can stall the process with the foreclosure by suggesting that we are going to go chapter 13 bankrupsy witch gives us time to sell or lease out the building and catch up the mortgages and etc. He did say that chapter 13 would cost about $1500 and the payments could be around $2000 a month. That was concerning, we aren't the kind of people who are going to be able to make $2000 payments if it goes to bankrupsy, maybe this was an exxageration, does anyone know if bankrupsy goes by a percentage of your income? Or do they give you ridiculous payments?

Niicss · Posted: Sat Jul 12, 2008 3:04 am Post subject:

Welcome back Jacqui.

You are registered member of this community then why are you posting as a Guest Smile

By the way if you are approved for chapter13 then you will be offered an affordable repayment plan. The monthly payment will not be un-affordable in the chapter 13 plan. If the repayment plan seems un-affordable to you then what the use to file chapter13. Have you asked your attorney about "Assignment for the Benefit of Creditors". what about that option? Talk with attorney on this and let us know.

Good luck.

jaden3292002 · Joined: 30 Jun 2008 Posts: 12 7.48 Dollars($)

Thank you so much for your support. I will ask him next about assignment for the benefit of creditors.
Maybe I was confused when he said something about bankrupsy for us could cost about 2,000 a month. I was so preoccupied with everything I didn't make him clarify. I should of though, because as 2 average people 2,000 is ALOT of money! I will mention the assigment for the benefit of creditors and let you know.

jaden3292002 · Joined: 30 Jun 2008 Posts: 12 7.48 Dollars($)

I have a woman that is interested in leasing the business. She wanted to buy it previously but couldnt obtain financing. In order to Lease it I would have to hae a $25,000 down payment to catch everything up. Also her payments would have to match the 2 mortgages with the bank.
For 1 is it normal to charge such a big deposit?
For 2 Would I charge interest?
Any advice on this would be great

Niicss · Posted: Wed Jul 16, 2008 2:25 am Post subject:

Hello jaden.

Are you talking about owner financing. If so then he will pay you a certain share of the amount. By the way if you are going for owner financing then you need to pay off the mortgage company in full.

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