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Horry County State Bank foreclosed on nine building lots owned by Legacy Development SC Group LLC and is still $1 million short. The Bank could sue for the deficiency and then depose Legacy to try and enforce the judgment.  Instead, the Bank teamed with two other creditors and forced Legacy into an involuntary bankruptcy “because […]

Loan modifications in the commercial context usually yield better results than in the consumer world. This is because there’s usually a loan officer who is assigned to a troubled credit and has responsibility over collecting information, making fundamental decisions, reporting to committee and finally closing a loan modification or forbearance deal.  Unlike the consumer world […]