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| *Loan,banking and credit>>>bank loan |
What happens to a term loan that matures and you dont have the funds to pay the full amount back to the bank? |
It is a line of credit loan that i meant to convert to a fixed rate loan but never did! I declared chapter 7 bankruptcy(credit cards), date 7/28/04. I only owe 6300.00 on the original mortgage and the line of creditis at 19,278. Is the bank going to forclose?? Essentially you will default on the loan. The bank then has several options: * if they have any collateral associated with the loan, they can take possession of it. This might mean foreclosure * if they see any other assets that you own, they could try to take posession of these. Since you are already in bankruptcy, they are not likely to pursue that * they might offer you an option to refinance. They are likely to do this if they think you're likely to keep the new commitment, and if the fees associated with the first two options would be significant in relation to the outstanding debt. Since you are already in default and bankruptcy, and with an overall debt of more than $25K, plus fees & charges, my bet is they will move to foreclosure. They might, banks are businesses. I don't mean that harshly toward banks, that's why the exist. You could try talking to thme and getting a new loan. |
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