My wife and I own a sizable rental property in the Destin area--however the carrying costs have gotten enormous..to the point that we'll either have to fire sale the property soon and take a huge loss, or default on the loan.
We established an LLC when we purchased the property, and the property is deeded to the LLC, the LLC has a sizeable loan to a national bank. If our LLC decides to default on the loan from our bank for this property what are the ramifications? Could this injury our personal credit too?
Thanks for any input.
Desperate Destin Property Owners
We established an LLC when we purchased the property, and the property is deeded to the LLC, the LLC has a sizeable loan to a national bank. If our LLC decides to default on the loan from our bank for this property what are the ramifications? Could this injury our personal credit too?
Thanks for any input.
Desperate Destin Property Owners