QUESTION
How will a lender know if I sold collateral (property) out of my business before the building was foreclosed? I received a demand for return
Asked on Jan 11th, 2019 on Small Business Law - Texas
More details to this question:
I received a demand for return of collateral because I sold items out of my daycare that was foreclosed. How do they know the items were not sold prior to getting behind on payments and becoming foreclosed. what will happen if I cannot get everything back?
1 ANSWER
2 Awards
You agreement probably said that you could not sell the items without paying the full amount due on the loan. You should review your agreement. The company may be willing to negotiate a settlement for the amount they say you owe at this point. You should try to settle quickly so that interest does not continue to accrue.
Answered on Feb 01st, 2019 at 1:26 PM
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