foreclosure for less than the mortgage valu

[funigolf]

What is the name of your state (only U.S. law)?North Carolina
I have a commercial property where the balloon came due. The bank has given me a forbearance document for 6 months I am a unconditional guarantor on the note...Commercial Property values have plumetted. If the bank short sells they will come after my personal assets. Can I place my home in my kids name to protect it or any other ideas you have. Pat

 

[FlyingRon]

If the property doesn't net enough at foreclosure to satisfy what the bank is owed, they can very much come after you. Your personal residence is protected so don't go running off giving that away. (Putting in someone else's name means giving it away to them which has other implications).

 

[Andy0192]

My idea would be to try to talk with the bank & work out some type of agreement.

Search the term "fraudulent conveyance". Don't expect anyone to help you commit fraud.