Legal Question in Real Estate Law in Oregon

Default on real estate loan

The LLC I am in has purchased some vacant land using a substantial amount of private money with 120K down for our part of the loan. The loan was for 450K. If the lien holder, we have been making interest only payments for 1 year, what happens if we walk away from property with diminished value and stop making interest payments.


Asked on 11/13/08, 6:53 pm

1 Answer from Attorneys
Daniel Meek Daniel W. Meek

Re: Default on real estate loan

Most likely the lien holder will take back the property, sell it, and sue you for the difference between what you owe on the property and the sales proceeds.

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Answered on 11/14/08, 6:58 pm


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