gulfport2120
Junior Member
What is the name of your state (only U.S. law)? Florida
Question,
new business partner owns property in Florida under an LLC that he was only member, but no longer operates. The property is upside down and he wants to let the bank foreclose. I know my holdings are safe, but can the bank sue him personally if they foreclose for a deficiency? There was never a personal guarantee signed...thanks in advance for any advice, dont need a frantic business partner..
Question,
new business partner owns property in Florida under an LLC that he was only member, but no longer operates. The property is upside down and he wants to let the bank foreclose. I know my holdings are safe, but can the bank sue him personally if they foreclose for a deficiency? There was never a personal guarantee signed...thanks in advance for any advice, dont need a frantic business partner..