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Three years ago I purchased a lake shore home in Minnesota…

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Three years ago I purchased...
Three years ago I purchased a lake shore home in Minnesota with four relatives. Although we each think we own one fifth the bank considers each of us wholly responsible for this loan. (I think) We all live in Arizona so we borrowed the mortgage money through Wells Fargo in Arizona. Six months after getting this loan we created an LLC and put the property in it so we could rent it when we were not using it. Now we are all having trouble making payments. We have tried to sell this property and are ready to give up. If we stop making payments would we face anti deficiency or foreclosure judgments from either state?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 2 hours by:
6/21/2010
Real Estate Lawyer: Richard, Lawyer replied 8 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,376
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Verified

Good evening. While Arizona is a non-deficiency state, Minnesota is a deficiency state. Unfortunately, the state where the property is located is the controlling law. As a result, the lender is within its rights to pursue a deficiency judgment against all of you. I'm sorry!

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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