I had an interest roll-up mortgage with the bank while awaiting a longer term mortgage plan. The bank has now decided that they do not wish to help us and have given me six months to refinance or sell my home and business. I was under a special relationship manager who only visited us twice in fourteen months, once to say he would work a plan for us and once to say he no longer wished to help. I am devastated. What can I do? What if my house and business does not sell? Will they go to auction and bankrupt me? Why are banks not lending when they are making so much money? I have never defaulted and have met my forecast figures for my business, what can I do to get out of this? Where can I find help or finance when no one is lending and the time is not right?
The bottom line is that you have a loan; it is or is coming due. The bank wants payment in full. Your choice is limited. Find a new lender, convince this lender to work with you, or seek protections in bankruptcy that will supersede the bank's actions. We seriously caution you to consult an attorney in the case of bankruptcy. That may stop, or only stall the bank's actions. If the stall is not sufficient, you may pay more of a price than the delay is worth.
There is no requirement that the bank work with you. They may see this as a case where the debt is greater than the collateral and they can't accept that. Do you have other collateral that could be offered? Do you have cash that could be used to pay down the debt? Your options are limited and you have a loan agreement and must abide by it.
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The bottom line is that you have a 