If a bank forecloses on a property you own through your corporation and you personnely guaranteed th

other than taking the property what can or will the bank do to you personnely

If a bank forecloses on a property you own through your corporation and you personnely guaranteed the loan?

They can take your personal house.

Call your lawyer ASAP.

If a bank forecloses on a property you own through your corporation and you personnely guaranteed the loan?

call your lawyer immediately

If a bank forecloses on a property you own through your corporation and you personnely guaranteed the loan?

They will come after your personal assists. You need a attorney if your going Thu with this to help you bring it to closure and not to your next case.

If a bank forecloses on a property you own through your corporation and you personnely guaranteed the loan?

they will value your property and if it is less then the loan you have taken on it then they will file a case against you and then if you lose the case then will have to pay the extra amount as fine . If you are then unable to pay the fine then you may be jailed for few years.

If a bank forecloses on a property you own through your corporation and you personnely guaranteed the loan?

Was the loan a Non-recourse loan?

If the loan was non-recourse then they can only take the house. It is a full-recourse loan then they can take the house and go after you for any shortage. A shortage would be the difference between what they sell the house for and what you owed them plus any and all fees.

Was the loan a purchase money loan? If it is a purchase money loan then the can only take the house and they cannot go after you.

Good Luck...

If a bank forecloses on a property you own through your corporation and you personnely guaranteed the loan?

If the property fails to reach the amount upon which it is secured you have guaranteed to make up the difference. this could lead to Bankruptcy and you loosing your home and other assets.

Get your self a lawyer who specializes in insolvency cases.

UK

If a bank forecloses on a property you own through your corporation and you personnely guaranteed the loan?

They can come after you personally for any shortfall. That is what a personal guarantee is for. You guaranteed that if the corporation failed to cover the debt, you would.