foreclosure guarantee
LLC/Judgment/Charging Order/Foreclosure big problem!?
A partner & I set up an LLC. Under the banner of the LLC we purchase two properties. I personally guaranteed the mortgages. The LLC received Warranty Deeds to each of these properties. Right now, I no longer own my half of the LLC, I gave that many months ago to a relative.
The mortgages on these properties are NOT in default at all. The problem is I’m facing a major judgment and I’m worried that the judgment-creditor will get a “charging order” for the LLC because I’m guaranteeing the mortgage on these properties.
In no way have I ever profited $0.01 from this LLC, I don’t own or manage the LLC or anything. My connection to them ended long ago. I’m concerned that the judgment creditor will come after this LLC and then the LLC will turn around and sue me. What do you all think? Thanks.
your connection to these properties ended long ago….did you ever remove your name from the LLC? if not – yest they will take whatever they can find in an asset search (this also includes your home, bank accounts etc).
good luck 
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Most attorney backed companies will provide the applicant with a forensic loan document review whereby they analyze the loan’s closing statement, HUD1 settlement, loan application for any Truth in lending Violations or Predatory lending violations. And if there are some errors found (small or large), there is an 80 to 90% chance your terms will be changed with the lender. The fraud by lenders has been abundant for borrowers who have lower credit scores.
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Therefore, it cannot be stressed enough that you when go with a mortgage modification company you should work with one that has track record and the proper experienced people on staff who will work with assist you in stopping foreclosure and/or changing your mortgage terms such as rate, payment and the loan balance. Attorneys who are stated licensed must adhere to a strict code of conduct and higher ethical standards, and while they are not able to guarantee a successful result for your case, they are more than likely to accept it if they consider after evaluation there is a large opportunity to get you a positive result.
Frank Collins is an expert on Real Estate, Mortgage, Credit, and Automotive topics. He currently writes for various online mortgage sites and loan modification attorneys on homeowner educational topics. Use a Mortgage Modification Attorney in California or a Austin Loan Modification Attorney who serves all of Texas.
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