Legal Question in Real Estate Law in Maine

Can we buy a second home without impacting or jeopardaizing the property we already own in the case of economic downturn?


Asked on 2/11/10, 11:22 am

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

While it is commonplace to acquire property other than a principle residence with an entity such as an LLC to protect your other assets from liability, if you have to borrow the money to acquire the second property, the Bank will require you the personally guarantee the loan, which, if you default, would impact your persoanl credit and possibly your other property.

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Answered on 2/17/10, 5:32 am


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