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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11154
Experience:  30 years as a practising solicitor.
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If a bank forecloses on a property I bought with a

Resolved Question:

If a bank forecloses on a property I bought with a commercial mortgage taken out by my limited liability company, but I couldn't afford to pay the loan back because the property is in negative equity, will I be personally protected from the debt? Or as the owner of the company would they come after me personally for the loan repayment, even if I've had to close down my company because I've gone broke?
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
If the property is in the name of the company and provided you haven't signed a personal guarantee for the mortgage, you can't be sued personally.
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