Skip to main content

Can the bank take my LLC from a short sale on my home?

Henderson, NV |

I'm working on a short sale of my home I also own a LLC business. The bank has asked for my Articles of Organization. Can they come after my business?

+ Read More

Attorney answers 2

Posted

They can come after anything you own. They want to know if you have assets , because if you do, they will want whatever they can get to pay off the short balance. Your LLC probably could not function without you. IF they take it, it is worthless to them. Remind them of that fact if they want the LLC

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the Commonwealth of Pennsylvania. Responses are based solely on Pennsylvania law unless stated otherwise.

Posted

Although an LLC gives a degree of separation between your property and the property of the business, you have a personal ownership interest in the LLC. Your membership units are owned personally and have a vaule. Your bank considers this ownership interest as a personal assset, and will take it into consideration when determining whether to allow the short sale. The bottom line is that if the bank thinks that you can continued to pay for the property, they will not allow the short sale.

The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Minnesota. Responses are based solely on Minnesota law unless stated otherwise.

Real estate topics

Recommended articles about Real estate

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer