Posted on: 23rd Sep, 2007 07:35 am
My husband owns an LLC. He is having major financial issues and is have several vehicles repossessed. He was crazy and personally guaranteed the loans. I know they can come after us personally for the deffiecient amount. Can they go after rental property that is in both of our names with another partner? Can I have him deed the 2 properties to me so that they will not force a sell of the commercial properties to recouperate their money?
Welcome Ttindell,
If the properties are quitclaimed in your name, then they cannot force your freind to sell. But they will surely ask him for the unpaid dues as the quitclaim doesn't transfer the loan. And if he doesn't pay then they might even demand it from you. That's because you are now the owner, and if you wish to keep the properties, then you need to pay the dues.
If the properties are quitclaimed in your name, then they cannot force your freind to sell. But they will surely ask him for the unpaid dues as the quitclaim doesn't transfer the loan. And if he doesn't pay then they might even demand it from you. That's because you are now the owner, and if you wish to keep the properties, then you need to pay the dues.
Hi Tindell,
The creditor can come after your husband and garnish your wages or they might even seek a judgment against him. But they do not have the right to take away his rental property, as the loans were not secured by that property.
Hope this helps...
God bless you.
Samantha
The creditor can come after your husband and garnish your wages or they might even seek a judgment against him. But they do not have the right to take away his rental property, as the loans were not secured by that property.
Hope this helps...
God bless you.
Samantha
