Have an LLC which has development property which we can no longer make payments on. The bank is going to
foreclose, since we personally guranteed this loan can they take our personal home??
Answers (1)
FIRST ANSWER
The best advice I can give that will not cost you a penny is stay in very close contact with your Bank and loan officer. To answer your question, yes it is possible. I am assuming that you financed with a local Bank. If so, it is possible that they could have cross-collateralized not only your personal home, but your personal property as well. I would call and speak with them today or seek legal advice.
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