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MCASTILLO63 · Joined: 04 Nov 2009 Posts: 1 1.31 Dollars($)

I want to go foreclose or deed in lieu on my house and keep my ice cream parlor. Can I do this with put affecting my bussiness?

jenkin7 · Posted: Wed Nov 04, 2009 9:33 pm Post subject:

Hi MCASTILLO,

You did not keep your business as security for the loan, right? In that case, your business should not be affected by the foreclosure or the deed in lieu on your home. However, if there is any deficiency from the foreclosure or the deed in lieu, you will remain responsible for that and your lender may sue you if you do not pay it off.

Guest

so do mean if the ice cream parlor was placed as a collatoral for the house /loans then the bank can ask for the defiency of the loan if house goes in dee in lieu or foreclose ? what about bankruptcy can the house go with all the debts and still stay with the parlor ?

jenkin7 · Posted: Fri Nov 06, 2009 12:11 am Post subject:

Hi mcastillo,

If the ice cream parlor was used as collateral for the loan, the bank can definitely go after your business for any deficiency from foreclosure. Chapter 7 bankruptcy can discharge your debts. But though you will not be personally liable to pay off the loan, you will have to reaffirm the loan and keep making the payments to retain the property.

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can i deed in lieu ina property and keep a bussiness in mean time?