foreclosing on 156 condo,s

[Orsky]

I own a 156 unit condo project which the builder was paid but didn't pay the subs. The bank now wants to foreclose. The appraisal has a bulk value that exceeds the loan amount. if the bank sells the property for less then bulk value can they come after me personally? I did sign a personal guarantee. The bank has said if i would agree to sign another personal guarantee for a set amount and help them all i can, they would be less likely to come after me.

 

[dee_dub]

The appraisal has a bulk value that exceeds the loan amount. if the bank sells the property for less then bulk value can they come after me personally? I did sign a personal guarantee.

You didn't post your jurisdiction, and your laws may vary, but generally the lender can come after you personally in a foreclosure if there is a shortfall. Moreover, your personal guarantee means they can almost certainly come after you under your personal covenant. When was the appraisal done? Property values have gone down significantly over the last year.

The bank has said if i would agree to sign another personal guarantee for a set amount and help them all i can, they would be less likely to come after me.

I don't understand that proposal. What amount, for what purpose, help them how? Would this prevent foreclosure?

For a 156 unit condo project, I'd be seeking professional legal advice.