If we have to short sell our house, how will it effect my membership in an LLC business?

Asked by revcarly, Minneapolis, MN Thu Nov 8, 2012

I am 1 partner out of 4 in a small LLC company. We do not have a regular income from it yet, but we will eventually. We also have quite a bit of debt, but it is in inventory.

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7
Steve Quinta…, Agent, Albuquerque, NM
Fri Sep 12, 2014
Your LLC membership agreement may address insolvency or financial distress. If so, your situation would have to be analyzed under the terms of the membership agreement.
0 votes
, ,
Thu Nov 8, 2012
I apologize the number is 973-744-8300
0 votes
, ,
Thu Nov 8, 2012
The LLC will reflect your name if you are the sole member. Keep in mind you will
have 2 years to purchase property again under Fannie Mae. My suggestion is to
call First Prestige Services,Inc....to give you the correct information. They are right
on point.
0 votes
Laura Gianno…, Agent, Manahawkin, NJ
Thu Nov 8, 2012
If the home is in your name, and not in the name of the LLC, it is a matter between you and the bank. If it's an investment, or owned by the LLC (or some members of the LLC) that again is up to the bank.
0 votes
Helene Jeane…, Agent, Metuchen, NJ
Thu Nov 8, 2012
This question is better asked of your accountant and attorney. I wish you well.
0 votes
Alan May, Agent, Evanston, IL
Thu Nov 8, 2012
Only your tax advisor can really answer this question for you. None of us are qualified, nor do we have any information regarding your LLC, nor financial situation.

Good luck.
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Nov 8, 2012
This is not a Real Estate question:
You would be better served by talking to your TAX ADVISOR.
0 votes
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