How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30866
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I was one of a group of partners in an LLC that owned condominiums.

This answer was rated:

I was one of a group of partners in an LLC that owned condominiums. The bank foreclosed on the units and hit each of us with a deficiency judgement. This has all taken place in South Carolina. An attorney who represented the bank has sent a letter asking for me to submit a plan to pay them the deficiency and to submit a personal financial statement with my plan. I don't have the means to pay the bank the deficiency. Not now and for the foreseeable future. I work as an independent worker and don't collect a W-2. I am nearly 60 years old. The judgement is about two years old and has been on file at the courthouse for a little more than a year.

My question is: What are the options that the bank's attorney will possibly pursue and what actions should I consider to defend myself and my family's assets? Should I give the bank a personal financial statement?

My question

Roger : Hi - my name is XXXXX XXXXX I'm a Real Estate litigation attorney. Thanks for your question. I'll be glad to assist.
Roger : The bank's attorney does have a the right to pursue each of you to recover the debt. However, you don't have to cooperate and provide financial statements to him short of a court order or a judgment debtor examination (deposition-style exam to find out assets, etc.).
Roger : The only way to avoid this judgment is to file bankruptcy and have it discharged.
Roger : Otherwise, the creditor can garnish wages, bank accounts, levy execution against property, etc. in order to recover the amount owed.

Would it help to tell you which bank I am dealing with to get a feel for how far they might go? One other thing I failed to mention. The deficiency was filed in the wrong county.

Roger : The bank it is likely wouldn't matter - - the main issue is whether or not the debtors have money/assets that can be seized and sold to pay down/pay off the debt.
Roger : Before the creditor can pursue writs of garnishment, writs of execution, etc., the judgment should have to be enrolled/filed in the county of your residence.
Roger : The bank's attorney is currently fishing to see which judgment debtors have assets to pursue -- hence, the request for a financial statement.

Our main residence is worth maybe $220,000, in both our names and has a primary mortgage and line of credit for a combined total of $150,000


I have two other real estate investments I am upside down on


The only asset of any real value would be a commercial building but it is owned by an LLC and I have only a 1/4 interest

Roger : You've got a homestead exemption of $53,375 that would likely protect your home. Also, if the investment properties are under water, there's not much risk there.
Roger : Only property owned free and clear is lucrative to the creditor.....

Even though I am only a 25% owner in the LLC that owns the building, I have considered talking to the bank that holds the mortgages on myy house and other properties about transferring debt and putting my shares in the LLC up as collateral. Might be hard for the bank's attorney to come after that, since there is an operating agreement for the LLC.etc

Roger : That's probably not a good idea because of the fraudulent transfer act.

I believe a deficiency judgement is only effective for 10 years in SC

Roger : If you transfer property in an attempt to protect it from a creditor, the creditor can reverse the transfers and take the property anyway. Also, it doesn't make you win favor with a court.
Roger : A judgment is good for 10 years, yes.

If the attorney and the bank determine that there is no chance to collect anything currently, is it your experience that they go away or do they come back several times during the remainder of the 10 years the judgement is in effect.

Roger : It's usually an initial inquiry, and if nothing turns up, that's usually it.

But they can come back for the remainder of the ten years?

Roger : yes.

Hate to keep asking questions but this has taken a few years off my life. Its 2:00AM here. Hope this is not keeping you up

Roger : It's only 1 where I am - - but, I'm going to sign off in a bit. If you have another question, I'll try to answer before I go offline.

No I'm good. Thank for the help. Take care

Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30866
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and 2 other Real Estate Law Specialists are ready to help you

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Previous | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK

Meet The Experts:

  • Tina



    Satisfied Customers:

    17 years of legal experience including real estate law.
< Last | Next >
  • Tina's Avatar



    Satisfied Customers:

    17 years of legal experience including real estate law.
  • Barrister's Avatar



    Satisfied Customers:

    15 years real estate, Realtor. Landlord 26 years
  • Dimitry Esquire's Avatar

    Dimitry Esquire


    Satisfied Customers:

    JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
  • Ray's Avatar



    Satisfied Customers:

    Texas Attorney for 29 years dealing in real estate
  • LawTalk's Avatar



    Satisfied Customers:

    I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • Ely's Avatar


    Counselor at Law

    Satisfied Customers:

    Qualified attorney in private practice including business, family, criminal, and real estate issues.
  • P. Simmons's Avatar

    P. Simmons


    Satisfied Customers:

    12+ yrs. of experience including real estate law.