If I have a house under my LLC and allow this house to go in to foreclosure, will that affect my personal credit?
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If I have a house under my LLC and allow this house to go in to foreclosure, will that affect my personal credit?
Asked on October 23, 2012 under Real Estate Law, Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Whether or not your personal credit is impacted by the foreclosure of a home that is in the name of a limited liability company that you presumably own depends upon in whose name the loan and the mortgage securing the presumed loan for the home is in. If such is in your name, then your personal credit will be adversely affected personally in the event of a foreclosure.
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