Advice Please Lawsuit Threatened for Not completing FCL auction

[Bryan S.]

Hi BP team. Long time reader, 1st time lawsuit-facer. In a nutshell, I have an LLC and have completed several sucessful foreclosure purchases and resales in Franklin County OH. The last one entered a purgatory of legal delays before bank issued letter to proceed. By time they were ready to move forward the deal was no longer attractive and do not want to purchase. I'm okay with losing my 10k deposit and walking away. Now being threatened with lawsuit by bank to compel me to purchase home. The threat is they sell and come after me for difference in my purchase price at auction and their sale price. Anyone face this? Am I protected from personal liability by my LLC?

TIA!

[Tom Gimer]

If you signed the terms as an individual, your LLC isn't involved. If you signed individually but the deposit was from the entity (or vice versa) they may pursue both if it makes sense.

Around here yes signing the bid terms would create a contract. Probably says so in the first paragragh.  

Good luck.