business bankruptcy

[arude1]

What is the name of your state? WI
My husband and I own a bar/restaurant. We have run into financial trouble and placed the business for sale 8 months ago. We had the place sold 2x's but the financial institution that the interested parties went to is the same place we have our mortgage. We have reason to believe the loan officer has given them info that we are going to be forclosed on and not to pursue this purchase. What is their(the banks) obligation as far as privacy issues? If we cannot sell we are going to be forced to file bankruptcy. We need to do something soon before our financial situation becomes any more serious.
Please help with any info you feel pertinant.
Amy, WIWhat is the name of your state?

 

[BelizeBreeze]

Have you contacted the purchaing parties to ask why they did not complete the process?

 

[arude1]

reply business bankruptcy

We did contact the one couple and they were told by the loan officer that they should not pay anymore than $X amount even tho it appraises in the area of what we are asking. The other parties will not return a phone call...and we were told by them that they are "close personal friends" to this same loan officer. They came and did a walk thru, called us 45 min. later and said they wanted it, going for loan...and now they won't return a phone call.
Amy WI

 

[BelizeBreeze]

We did contact the one couple and they were told by the loan officer that they should not pay anymore than $X amount even tho it appraises in the area of what we are asking. The other parties will not return a phone call...and we were told by them that they are "close personal friends" to this same loan officer. They came and did a walk thru, called us 45 min. later and said they wanted it, going for loan...and now they won't return a phone call.
Amy WI

Then I would suggest you have a sit-down with a local attorney AND the bank president.

 

[arude1]

reply business bankruptcy

Do you feel that the loan officer is breaking his code of ethics?

 

[BelizeBreeze]

Do you feel that the loan officer is breaking his code of ethics?

No, but there MAY (qualified) be a case for intentional tort action against the bank and the officer. Along with several banking laws that I can think of. Again, have a sit-down with a local attorney.

 

[arude1]

reply business bankruptcy

Thank you!
Amy WI

 

[arude1]

reply business bankruptcy

If anybody viewing this has any further advice or information please feel free to reply. I am looking for all the help that I can get.
Amy WI