If a bank is foreclosing on your business can they also take your home that another bank has a lean on?
A bank is foreclosing on a friends business that they thought was protected by LLC. Now the bank is coming after them personally. Can the bank take their home that another bank has a lean against?
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Answer by Kat
If this is in California, I know how they can stop the forclosure and sue the lender. Yes the bank can go after them for the deficiency of the forclosure, which means that after the sale of the property as a bank repo, what ever the bank has lost, they can recover by filing a lawsuit against your freind. If the commercial property was personally guaranteed by your freind , that is probably why they are trying to collect. More information is needed on this case. Send me an email.
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