Hello All- i'm panicking as it looks like im getting served from someone's lawyer who claims that they slipped and fell outside my property. Still gathering the details but it seems like they fell outside on the side walk walking by and had two knee surgeries since.
Problem is I don't have insurance on this property since I bought it from the Sheriff's sale and forgot to insure it after 9 months. Second problem is that I was missing stairs railing to go up to the front door, however not sure if they will be using that against me, they most likely will but my answer is what were you doing on my steps? who are you? (my tenant doesn't know who this person is).
My main concerns are: I own 4 properties under this LLC , 3 of them have a mortgage but this one does not. Thinking worse case, if they win this case...Im assuming they will come after all properties until full amount is satisfied..
1-Can they force me to sell (bank gets their money first and they get the rest) or they would just put a lien on the properties?
2- Should i transfer the 3 other properties under new entities now before things go too far?
3- Should I refinance this property (where they fell) to get some money out, that way the bank is automatically the first lean holder?
Thank You all very much for the help
