What is the name of your state (only U.S. law)? Florida
We are trying to short sale our home. We have a first and a second lien. The second lien holder is asking us to pay off our second lien with a slight discount. The first hasn't made a decision yet. If they both choose not to work with us (primary home. Husband lost his job. We can't afford the payments. They turned us down for loan modification) and it heads into foreclosure, what happens then? Will they be able to come after us for money? We own a very new LLC company, 4 partners, myself, husband (both on mortgage notes), and another couple (my son and his wife). Other than that, we have no other assets. Also, can they attach anything to our LLC or touch it in any other way?
We are trying to short sale our home. We have a first and a second lien. The second lien holder is asking us to pay off our second lien with a slight discount. The first hasn't made a decision yet. If they both choose not to work with us (primary home. Husband lost his job. We can't afford the payments. They turned us down for loan modification) and it heads into foreclosure, what happens then? Will they be able to come after us for money? We own a very new LLC company, 4 partners, myself, husband (both on mortgage notes), and another couple (my son and his wife). Other than that, we have no other assets. Also, can they attach anything to our LLC or touch it in any other way?