LLC foreclosure

[Cbnmma123]

I am a member or an LLC (property group- 1 building) which has 5 other members. Only two of the members signed the mortgage (not me or my husband). If the LLC should be foreclosed on, does the LLC and the fact that my name is not on the mortgage, protect my credit?

 

[MorgansDaddy]

I know this post is almost a month old, but since you did not get a reply, figured why not reply.

LLC obviously means "limited liability company." This means that you are a "limited" partner to the business and only would be liable for any monies you have invested, and are protected from anything beyond that. So no, it will not effect your personal credit If it were a sole proprietorship or a general partnership, then you would have a problem, but that is not the case here.

 

[foreclosureus1]

I've 4 questions to ask everyday at Advantage Realty LLC:

1. How can we provide the best customer service possible?
2. How can we help more families enjoy the benefits of home ownership?passover
3. How can we provide the most up to date information about REO homes?
4. How can we help families to secure their financial future?