Hello,
I have a few questions in regards to an investment property we have owned through an LLC in Georgia. We have never ever been late on a single payment or missed a payment whatsoever, but the lender is refusing to renew our loan on the first mortgage (there is a first and second mortgage on the property with a combined total of just under 50% loan to value and e've never missed a payment on either and have excellent credit). The bank with the first mortgage has been listed on the "watch list" of banks that may fail so my fear is they are going to become a vulture and take back the property since they only have 25% loan-to-value in the property (actually it is much less than that if you take into consideration 4 years of principal & interest payments and our initial down payment). I believe my suspision is not unfounded as atr bank, Suntrust just did this to another business owner I know where they foreced him into foreclosure and now has his property on the market for about a half million more than they have into it.
My questions are:
1. Can either mortgage lender (first or second) pursue other assets I have held in other LLC's/corporations?
2. There are two guarantors on this loan, myself and another partner who has many loans and a long history with the bank since they started. The other partner was bought out almost two years ago but is still on the loan. Can the bank just come after me and leave the old partner alone? (I wouldn't think this is legal but it is hard for me to believe they are going to sacrifice him as he is personal friends with the president of the bank).
3. Should/Can I put assets held in my personal name into a trust or some other entity to protect them from being taken.
4. Any other suggestions or advice is greatly appreciated.
Thank you
I have a few questions in regards to an investment property we have owned through an LLC in Georgia. We have never ever been late on a single payment or missed a payment whatsoever, but the lender is refusing to renew our loan on the first mortgage (there is a first and second mortgage on the property with a combined total of just under 50% loan to value and e've never missed a payment on either and have excellent credit). The bank with the first mortgage has been listed on the "watch list" of banks that may fail so my fear is they are going to become a vulture and take back the property since they only have 25% loan-to-value in the property (actually it is much less than that if you take into consideration 4 years of principal & interest payments and our initial down payment). I believe my suspision is not unfounded as atr bank, Suntrust just did this to another business owner I know where they foreced him into foreclosure and now has his property on the market for about a half million more than they have into it.
My questions are:
1. Can either mortgage lender (first or second) pursue other assets I have held in other LLC's/corporations?
2. There are two guarantors on this loan, myself and another partner who has many loans and a long history with the bank since they started. The other partner was bought out almost two years ago but is still on the loan. Can the bank just come after me and leave the old partner alone? (I wouldn't think this is legal but it is hard for me to believe they are going to sacrifice him as he is personal friends with the president of the bank).
3. Should/Can I put assets held in my personal name into a trust or some other entity to protect them from being taken.
4. Any other suggestions or advice is greatly appreciated.
Thank you