Business loan in default?

How long does it take in Ohio before they foreclose after you default under business loan? After default, who pays the property tax? If owner then what if owner does not have any personal assets? Please help me. Thank you.

The state of foreclosure generally does not matter with regards to a business loan, but the foreclosure process may differ from state to state.

http://www.foreclosurelaw.org/Ohio_Forec... This link will give you general process once judgment has been filed.

If you want to be more specific on your situation, I can also give a better answer.
If you are in payment default of your business loan the process can typically take some time before the lender will actually foreclose on the property. The lender will typically look to the personal guarantors (if available) to make payments on the obligation. If guarantors are unable to pay (as disclosed above), the property will be foreclosed upon and liquidated. This entire process can vary from lender to lender, but from my experience can take as little as 45 days after payment default has been declared.

The owner is still responsible for payment of property taxes. If you are unable to pay the property taxes you run the risk of the property going back to the county and sold at sheriff sale.

This process is a difficult and complicated one, and situations can vary by situation. I would advise that you (or whoever) work with your lender's managed assets / work-out group to figure out a payment plan.

Above all else, talk with your attorney and do it as soon as you can. Having your attorney work with the lender is always a good idea.

Yes, even with a 75% SBA guarantee (7a program) you still run the risk of making the bank whole on their obligation. Report It

It all depends, you should try talking to a attorney in this field in the city of Ohio. And do it now.

Ohio is one of the states w/ a very high foreclosure rate. Some of the courts are taking 9 to 18 mo. to pursue cases. The owner usually has to maintain the tax base. The state would try to attach wages and/or seize personal property. Only way around that is if you Inc. biz so personal property was not an issue.