Legal Question in Real Estate Law in Florida

I have a small company that purchased a small office 7 years ago. the land and building are deeded in the company name and i signed as president and also as personal garantor. due to the current economy, we can no longer afford the office and the note balance is now due. if i allow the bank to forclose on the property, am i going to be responsible for any costs?

i really don't know if this is a real estate or banking law question


Asked on 1/26/10, 12:32 pm

1 Answer from Attorneys
Sarah Grosse Sarah Grosse, Esquire

If you signed a personal guarantee, you are personally responsible. Otherwise, no. You should have a lawyer go through all the papers to determine if/how/when this is going to affect you personally.

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Answered on 1/31/10, 12:54 pm


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