Foreclosure in 20744>Question Details

Billl, Home Seller in 20744

What assets can a bank attach during a short sale in Connecticut?

Asked by Billl, 20744 Fri Apr 16, 2010

By assets I mean a business owned, LLC or Corp.

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Before considering a short sale protect yourself and any possible assets by consulting with an attorney who specializes in real estate, by doing so, he/she will best advise you based on your personal specifics.
0 votes Thank Flag Link Fri Apr 16, 2010
Typically I don't have bank attach assets specifically on our clients. If there is an LLC or self employment income that is reflected on a profit and loss statement or tax returns, the servicer, investor, or possibly the MI company will request additional cash at closing to release the liens and approve the short sale. It all depends on the hardship case, the income for the sellers, and what kind of expenses are necessary and being paid from the income.
With an LLC, it will certainly help if there are other partners involved that are outside your immediate family, and depending also on your partnership split arrangemnent for share of the business.
Attaching assets will be more of an issue when judgments get filed if the home forecloses and the lender pursues the balance of monies owed after the home is sold at auction. Tom Hinz
0 votes Thank Flag Link Fri Apr 16, 2010
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