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    carolyn guthrie's Avatar
    carolyn guthrie Posts: 1, Reputation: 1
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    #1

    Jun 12, 2007, 01:58 PM
    Pending commercial foreclosure of property
    :confused: I am currently going through a difficult time paying the mortgage on commercial property. The reason being the taxes became a whooping 15,000 per year. I have been served with notice of judgement to foreclose. I am concerned about my rights in case this property can't be sold. Is my primary residence or personal assets in jeapordy if foreclosure is not stopped?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jun 12, 2007, 07:11 PM
    Hello Carolyn:

    Assuming you do not hold the building as a corporation, then yes, your assets are at risk. If your building is sold at auction for less than you owe, then you are liable for the difference, plus lots of added costs.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jun 12, 2007, 07:18 PM
    How do you own the property, did you set up a corporaton, or a LLC to run the business ? If so normally your personal access can not be touched, unless you signed a letter of personally liablity.

    But if you just do the business in your own name, yes everything you own can be at risk.
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