Real Estate Law
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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.
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
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
I believe a deficiency judgement is only effective for 10 years in SC
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.
But they can come back for the remainder of the ten years?
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
No I'm good. Thank for the help. Take care
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