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One comment Add your comment

Jo Stone

May 2nd, 2010
6:55 pm

My 2 business partners and I have some real estate investments, one of which is a vacant lot on a lake in an exclusive community in North GA. The loan is due and the bank has consistently been hitting us pretty hard with the interest rate and requirements. Now they want $30,000 to put the loan at 85% of value due to a lowr appraisal. I offered to put it in if they would release me from the loan. Actually, I would pay my 1/3 which is $70,000 if they would release but I don’t think they will. They want close to $100,000 to release me. I refuse to do that. One of my partners fronted the down payment of $38,000, so my other partner and I are going to 1/2 the $30,000. What I would really like to do is pay my $70,000 and his $15,000 and it would place the contribution to $85,000, and I want the bank to release me. They have 3 lots in this complex they need to sell for $210,000. I don’t see why they wouldn’t accept the $85,000, leaving a balance owing of $125,000. If things get worse and they ended up with our lot, it would be a lot easier to sell the lot for $125,000, than $210,000. How do I convince the bank to do this. I find it puzzling that they wouldn’t take a bird in the hand. They obviously see me as a major guarantor, but should the occasion arise, I will fight them to the finish on this one. Any suggestions on how to convince them that this would be a good move for them? I understand that I must face up to my mistakes, but I’m not paying for the others’ part. I’ll go bankrupt first, even though I really don’t think I can because of my income and assets. Humbug.