$1.5M+ Loan Collection Through Property Liquidation
Our client loaned approximately $2 million to the operators of a chain of tobacco stores, with the stores and other real property located in three counties serving as collateral. Kegler Brown filed a foreclosure suit in one county, but extended jurisdiction over the real properties in the other two. One of the borrowers filed bankruptcy, but our lawyers obtained a relief from stay and were able to proceed with the suit. An auctioneer was appointed to liquidate the properties after the foreclosure judgment was granted in mid-2016.