My state of jurisdiction is GA. During the real estate boom a few year back I entered into a residential construction vernture with a partner. We formed an LLC, but signed as guarantors on the loans. Fortunately we've been able to sell all but one home and are likely going to foreclose.
Although we've probably paid the bank over $50k in interest on this one property and have a tenant leasing the home, her credit is not ideal and they refuse to grant her a mortgage.
As a guarantor on the loan, my question is what risk is there in the bank coming after me personally?
Although we've probably paid the bank over $50k in interest on this one property and have a tenant leasing the home, her credit is not ideal and they refuse to grant her a mortgage.
As a guarantor on the loan, my question is what risk is there in the bank coming after me personally?
