Legal Question in Real Estate Law in Wisconsin
I am danger of foreclosure on my restaurant and the bank told me my husband (since deceased) pledges 18000.00 as a down payment 16 yrs ago. I asked them if I could pay the 18000.00 if that would clear my house and they said no. How can that be?
1 Answer from Attorneys
Unfortunately, I could not comment on any mortgage obligation covering your restaurant which your deceased husband may have signed years ago without seeing it. Typically, however, professionally drafted mortgage obligations will include an obligation to pay both interest and expenses (including foreclosure attorney fees), paid by the bank in order to foreclose or protect their interest in your property (which can include payment of property taxes, insurance, repairs, etc.). Such additional charges were therefore possibly added to the principal now demanded by the bank. If you want to protect your property, you must therefore immediately retain an experienced commercial attorney, and ideally, one with experience as a panel bankruptcy trustee, which would provide the very best background for your protection in such a matter. Please be aware that my responses to you in the public web forum do not make me your attorney and that I am not representing you or taking any action on your case. These answers are intended for public educational use only. Regardless of this, however, you are still welcome to contact me during business hours at my in Racine if you still have questions.