Bank of America Loan Modification Lawsuit on Cape Hampton Inn and Suites Could Bring Foreclosure
Posted on | July 28, 2010 | No Comments
Many small businesses and Americans have greatly struggled to make loan payments to all the big banks including the Big Four of Bank of America, Chase, Citigroup and Wells Fargo. In Cape Coral, Florida there is a Bank of America loan modification lawsuit pending that involves the Cape Hampton Inn and Suites.
A lawsuit was filed in June and there is a possibility that Bank of America could take over the hotel through the foreclosure process. In Lee County, where Cape Coral is located, the foreclosure process can take up to 18 months but with a big player like Bank of America involved it will likely be the case that it does not take this long.
One of the borrowers for the hotel feels that Bank of America would be smart to negotiate a settlement so the hotel could move forward and continue to profit from an economy that is getting better in Lee County. No negotiation numbers have been released but the clerk of courts shows that the commercial foreclosure would be over $250,000.
Author: Heather Best
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