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Old 08-06-2002, 01:43 PM
mdeadmon
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commercial loan default

What is the name of your state? North Carolina

Several years ago I bought a business. I got a commercial secured loan to pay the person who sold me the business. After a few months I found out that things were not as she said, so I in turn sold the business to my landlord for a big loss. However, I still owed on the original loan. I spoke to the bank and we changed the loan from secured (business and all items inside the business) to unsecured. Now a year later I am wondering what will happen if I just stop paying on this loan. Can they take my house away from me or anything like that?

thanks
md

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Old 08-09-2002, 08:47 AM
mdeadmon
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Iceebird--Do you mean nothing the bank can do or there is nothing I can do but pay back the loan?

md
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