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Updated over 4 years ago,
Personal Guarantee question
I need to personally guarantee a mortgage for a refi that I am doing on an investment property of mine. The property is under an LLC.
I have other properties that are owned with other partners and those are also in LLC’s.
The question is if the other LLC's can be pierced due to my ownership in them if the personal guarantee on that other mortgage I have is activated?
For example: Property 1 owned by ABC LLC (I am 100% owner). I have a personal guarantee on the mortgage.
Property 2 owned by XYZ LLC (50% me %50 Bob)
If there is ever a situation that the personal guarantee for ABC LLC is activated and I am now personally on the hook can the indemnitors now go after XYZ LLC or after my shares in XYZ LLC?