Posted by JHyre in Ohio on February 25, 2002 at 06:23:05:
Foreclosure will be the same…but you won’t be able to go after the buyer himself. This is effectively a non-recourse loan- ask for a personal guarantee to make it recourse.
John Hyre
Foreclosing An LLC - Posted by Wayne Carpenter
Posted by Wayne Carpenter on February 23, 2002 at 04:43:31:
I’m selling a property and holding the entire note at 10%. The purchaser wants the property sold to an LLC and says the LLC will make the monthly payments. Should the LLC default, will foreclosure be any more of a problem than if it were sold to him in his own name?