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Saving cross-collateralized investment prop

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    Saving cross-collateralized investment prop

    I have two mortgages on properties owned by my single member LLC and an unsecured line of credit in my personal name with Capital City Bank.

    In 95 days I'm filing ch 7. I know my personal liability for the mortgages and unsecured line of credit will be wiped out.

    However, I want to reinstate one mortgage and keep that investment property, but Capital City Bank's notice of default says the bank has exercised its cross-default rights and cross-collateralization rights and they are going to file foreclosure on all the properties.

    Is there anything I can do to prevent them from foreclosing on the property I want to keep? Thanks!
    I'm not a lawyer, but here's a link to my favorite bankruptycy law blog: [URL="http://www.bankruptcyorlando.com/"]http://www.bankruptcyorlando.com/[/URL]

    #2
    I always believe that "half of something, is better than all of nothing". Tell them you will either pay for the property, or you will pay for nothing, and they can stuff it. I don't think that if you signed papers that stated this privilege, you can work around it. I'm not a lawyer but if you wish to keep it that badly, you need to talk with a lawyer. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      Any updates?

      Originally posted by DecentHuman View Post
      I have two mortgages on properties owned by my single member LLC and an unsecured line of credit in my personal name with Capital City Bank.

      In 95 days I'm filing ch 7. I know my personal liability for the mortgages and unsecured line of credit will be wiped out.

      However, I want to reinstate one mortgage and keep that investment property, but Capital City Bank's notice of default says the bank has exercised its cross-default rights and cross-collateralization rights and they are going to file foreclosure on all the properties.

      Is there anything I can do to prevent them from foreclosing on the property I want to keep? Thanks!

      Just checking to see if you have had any changes on this. Did Capital City do anything for you?

      Comment

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