Legal Question in Real Estate Law in New Jersey

The bank is not likely to take your house right away, but you do have a serious problem. Call me, and we will talk it over. Are you in New Jersey?

Robert F. Davies, Esq. 201 820 3460

Thank you for your LawGuru question. If, when you say you purchased it with equity from your home, you mean that you borrowed money and pledged the equity in your home as collateral (i.e., gave the lender a mortgage on home), then your home is at risk. The LLC will not help. The LLC will (generally) shield you personally from the LLC's debt, but merely investing borrowed money into an LLC will not negate your obligations under the loan. Please contact me ASAP so that we may explore your options and protect your legal rights. 973-921-0600.

Kindly note and remember that my response is merely a general comment on the law related to your question, and NOT legal advice or opinion. Also, your question and my response does NOT create an attorney-client relationship between us. You cannot rely upon what I have written, because I do not have all of the information that I need to advise you or render an opinion. Even simple facts you have not shared can completely change my answer. For me to give you legal advice or opinion, you would need to hire me to be your lawyer, and then we would need to discuss this in detail and go over the documents.

With best wishes,

Barry F. Gartenberg, Esq.

Please visit my website! www.bgartenberg.com or call me if you�d like to learn more about me or my practice. Thank you.