what is the potential impact on my personally if a bank puts a lien on my commercial property?

Question

I have been paying deligently every month on my line of credit and now the bank is considering not renewing my loan. They hold the second mortgage on the commercial property and another bank holds the primary loan. What is the worst case situation the bank can force upon us??? Can they garnish my wages, credit, selling the property, etc? Help...someone. Thanks

Answer 1

all of the above === sat down and work something out with the banks!!!!

Answer 2

YES to all of the above. As a minimum it will go on your credit report making it more difficult and more expensive for you to obtain credit.

Try to work it out with them.