Wells Fargo has reportedly called in a loan against a Florida fish house owner. This business owner is definitely not the first one in this state or elsewhere to face a serious financial crisis. In fact, many company owners are able to halt the foreclosure process by seeking debt relief, such as filing for bankruptcy.
In this case, the woman who owns the restaurant purchased it in 2008. She and her husband put up their own house as collateral on the loan. The couple has since divorced, however. Wells Fargo said she borrowed $220,000 to start, then another $100,000 in an equity line of credit shortly thereafter.
The bank says the business owner has not made the last two mortgage payments due and has also failed to pay property taxes as well. Wells Fargo is requesting principal payment plus interest.The bank reportedly notified the owner that her loan was in default in May of this year. This is a legal requirement for any bank that is activating the foreclosure process.
This particular restaurant is ranked number four out of nearly 60 other eateries in the same region. It also ranks in the top 10 on other popular vacation restaurant attraction lists. This just goes to show that even businesses that are popular among patrons can run into financial trouble. Florida business owners who wind up in such predicaments often benefit from seeking consultation with experienced debt relief attorneys. Most financial crises are temporary, and there are often available solutions to help those involved avoid foreclosure.