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I own a house in my LLC's name which I can't sell and have…

I own a house...

I own a house in my LLC's name which I can't sell and have offered baack to the lender. He is suggesting a "deed in lieu of foreclosure" My question is will this have a negative impact on my personal credit score.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No Everything has been verbal to this point.

Lawyer's Assistant: Where is the house located?

In Virginia

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Answered in 4 minutes by:
3/23/2018
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 41,077
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

My question is will this have a negative impact on my personal credit score.

.

Are you current on the payments on the property currently?

.

.

thanks

Barrister

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Customer reply replied 1 month ago
There were no payments due during the loan period. All interest plus principal was due when the house sold. I have not been able to sell the property and the lender (private) wants the cash of the house. He has offered to do a "deed in lieu" to get the property.

Ok, if this is a private lender, the it is unlikely that this has even been reported to the credit reporting agencies as a loan.. You have to pay for a subscription to be able to report negative credit entries..

.

So if they will just accept the property back with a DIL, there shouldn't be any negative credit consequences because you are essentially just trading the house for the debt even.

.

.

thanks

Barrister

Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 41,077
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs

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