We are now 5 days past due on our second loan payment to our primary business loan, which is from the bank that holds the primary lien on the business and all associated property. The secondary lienholder is almost 3 months past due, and we are now late in paying our property taxes. Keep in mind these are all secured debts.
My husband has already informed the banks that he does not have the money to pay them. He is currently hoping that they will float him another $40,000 to continue running the business, but I honestly don't think they are going to give money to someone who is so far behind on his payments.
My question is, how long can we expect these secured loans to go unpaid until they seek to forclose on the property and seek legal action against us? I have the feeling we are on a proverbial precipice, just waiting for someone to file a lawsuit.
My husband has already informed the banks that he does not have the money to pay them. He is currently hoping that they will float him another $40,000 to continue running the business, but I honestly don't think they are going to give money to someone who is so far behind on his payments.
My question is, how long can we expect these secured loans to go unpaid until they seek to forclose on the property and seek legal action against us? I have the feeling we are on a proverbial precipice, just waiting for someone to file a lawsuit.
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