Any help would be greatly appreciated.or if you're using an lawyer, he/she will have appropriate paperwork.

Meaning that the answer may differ between states.The true lawyer answer is: It depends.Typically, if there is a mortgage on a property, then it is Nonrecourse debt which means that the lender can take the property in FULL satisfaction of the debt.Again, typically, if an LLC takes out a mortgage, then the bank usually has a member or all members sign a personal guarantee on the note as well.

Any lawyer will tell you that a person can not sign away their rights.

They were approved by my lawyer for CA.

Can any lawyers out there verify this (sounds right to me)?

I am representing some sellers in a deal that has fallen through.

We brought enough business to one group of investors that they are now having us represent them in their bulk REOs.

But, when you borrow $70k for a down payment, then on your application lie about that debt, and represent the money as from you own funds....that is mortgage fraud.

It can always explode on you down the road.Get a good lawyer, a good RMLO, and document everything.Hell I am starting to video people's agreements like a deposition and 2 attorneys, just read into the iphone the agreement please! 

@Raven JenningsI will send you a PM with the email information of a great lawyer in the DC area.