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  1. #1
    Join Date
    Aug 2012
    Posts
    1

    Default Balloon Note is Due, Collateral is Worthless

    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?

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Balloon Note is Due, Collateral is Worthless

    Comply with the terms of the contract or risk being sued.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,152

    Default Re: Balloon Note is Due, Collateral is Worthless

    The most obvious answers would be to pay the money you owe, or default and see what they do to collect their money from you.

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