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If you are able to get your lender to agree to a short sale, make sure it is a non-recourse short sale. This means that they can't come after you for a deficiency between what you owed and what it sold for. Assuming that they didn't reserve the right to sue you for any deficiency, there would be no effect on your LLCs. Since LLCs are separate legal entities, all assets in the LLCs are owned by them and not you personally. This protects them from liability if you are sued personally.
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