Legal Question in Real Estate Law in Georgia

I have a loan on a home for $450,000 in Georgia. The second loan is for close to $200,000 (2 banks). The first loan has been approved by BOA for short sale, the second loan however was with a bank that has 'failed' and was acquired by the FDIC that then was sold to 3rd party. This 3rd party is asking for $30K cash, and $70k notes payable over 7 years. They have a lien against my only business asset & are claiming if the house goes into foreclosure they can/will come after me for repayment of the remaining 2nd loan. I need to know how to get them to lower the second loan amount, or what my options are as I can't afford another 70k for 7 years! Please help & advise.


Asked on 3/23/10, 9:29 am

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Talk to a bankruptcy lawyer. Short sales in these type cases are going to be a problem. You may have better options. You can't make the lender do anything except in bankruptcy.

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Answered on 3/28/10, 3:39 pm


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