This loan was transferred to Asset Recovery department in December 2015 because of guarantor’s death, and his two beneficiaries’ refusal to provide their guarantees, and that the beneficiaries had depleted the estate. To make matters worse, the underlying collateral was/is contaminated, being an old Exxon gas station.
This matter now has been resolved through a forbearance agreement (FA). Both beneficiaries have signed the guarantees, have given us an upfront good faith payment of $25,000, and have paid our legal fees of $7,500. All along, they have not missed any monthly payments.
Technically, this matter now can be sent back to the business line.
However, since the FA calls for a full payment of the loan ($369,759.72) on or before December
This matter now has been resolved through a forbearance agreement (FA). Both beneficiaries have signed the guarantees, have given us an upfront good faith payment of $25,000, and have paid our legal fees of $7,500. All along, they have not missed any monthly payments.
Technically, this matter now can be sent back to the business line.
However, since the FA calls for a full payment of the loan ($369,759.72) on or before December