Q: if you defaulted on a mortgage for an investment prop. with a personal guaranty what can be done to prevent a judgement?
the lender has filed a suit against us and I am trying to see what options we have.
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A:
The best way to prevent a judgment on a mortgage, you guaranteed, is to pay what is due.
If the bank has sent you the default letter, and has requested and demanded an acceleration of the note, making the whole amount due, it will be sold at auction soon.
The only way you can stop the foreclosure sale is to due the bank and get a stay on any sale of the property.
Sometimes when the bank sells the property at auction, and gets all their money back, they drop the matter. But if they fall short on what is owed, they will likely sue you for the difference. You need to fight that case if it is filed.
You should go see a good lawyer who is experienced in Foreclosure law.
I hope this helps.
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