My question involves collection proceedings in the State of: Georgia
I have a balloon note that is scheduled to mature in a few months. My balance is around $200k. This note was secured by bank stock. At the time of the loan, the stock had a value of probably $500k or maybe a little less. The bank has since failed and the stock is worth nothing. I have about $100k to go towards repayment. This has happened to several other former shareholders and the bank has not been willing to work with them at all to develop a repayment plan. I am currently paying $1700 per month and can continue to do that but I can't come up with an additional $100k at this time. What are my options?