What is the name of your state (only U.S. law)? Maine
I have a SBA backed loan of $220,000. My store has closed and I put bank on notice that I was unable to make payments. They are waiting for 90 days to pass to start actions. In the meantime I am trying to sell and making a payment when I can.
Once it is foreclosed on and the property is auctioned what is the bank's remedy to get the rest? I have a personal guarantee and I have $10,000 to $15,000 in home equity. Is this the maximium they can go after or can they attach future earnings as part of a court judgement.
I have a SBA backed loan of $220,000. My store has closed and I put bank on notice that I was unable to make payments. They are waiting for 90 days to pass to start actions. In the meantime I am trying to sell and making a payment when I can.
Once it is foreclosed on and the property is auctioned what is the bank's remedy to get the rest? I have a personal guarantee and I have $10,000 to $15,000 in home equity. Is this the maximium they can go after or can they attach future earnings as part of a court judgement.