GREY:LGLTF - Post by User
Post by
kim2015on Jun 15, 2015 5:41pm
262 Views
Post# 23833019
Bank Called The Line
Bank Called The LineIn layman terms when a bank issued a formal demand for repayment, a Forbearance Letter is given to the borrower as a form of Calling The Loan. The Forbearance Agreement, according to the news release, is subject to negotiation. Fact is, Forbearance Agreement is hardly negotiable because the borrower is clearly down and out. The Bank dictates the terms, such as every $1 of liquidity received, at least 50% will be used to pay back the bank. So the fact of matter is, Bank wants its money out asap. Whatever amount raised, most will be used to pay the Bank. A clean cut is file for bankruptcy protection, wipe out all the old debts and start all over. Otherwise, a lot of good money is needed to throw after the bad money.