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I own a business as a LLC in AZ. In a short sale, can the bank take the assets in my LLC's savings account? Same bank for accts

Scottsdale, AZ |
Filed under: Starting an LLC

I own a business as a LLC in AZ. In a short sale, can the bank take the assets in my LLC's savings account? Our personal savings account as well as our business accounts are with the same financial institution.

Attorney Answers 1

Posted

I think you are mistaken as to the nature of a short sale. A short sale is a sale of a home or asset for less than the amount due. To accomplish a short sale you must have the lender’s approval. You cannot just sell an asset that is secured for less than it is due and just be fine unless the lender agreed. I recommend you talk to an attorney and a broker to get accurate information about short sales.

DISCLAIMER—This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship.

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