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Home » Mortgage Foreclosure » Foreclosure And Personal Guarantee : Lender Can Sue For Both Actions Simultaneously

Foreclosure And Personal Guarantee : Lender Can Sue For Both Actions Simultaneously

ByJon Alper May 17, 2012May 26, 2022

Most commercial mortgage loans made to LLCs or corporations require a separate personal guarantee by the individual principals of the corporate or LLC borrower. If the investment fails economically the lender can and usually does foreclose its mortgage on the property

Most people believe that the lender will not sue on the personal guarantee until it exhausts its mortgage foreclosure remedies. Borrowers assume that the bank first would have to foreclose and determine an amount of deficiency liability before it can seek a judgment against the individual principals for the deficiency amount under the guarantees. The assumption is incorrect.

A mortgage lender can seek a personal money judgment against a guarantor prior to a foreclosure sale. Moreover, the bank can file a single complaint wherein the bank seeks a foreclosure of the mortgage against the property and also a money judgment against the guarantors for the full amount of the mortgage note. Of course, the individual guarantors can show after the foreclosure sale that the value of the property take back by the bank should offset the amount due under the guarantee judgment. See Case No. 5D11-535, Fort Plantation v. Ironstone

Last updated on May 26, 2022

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Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.
Jon Alper

About the Author

Jon Alper is an expert in asset protection planning for individuals and small businesses.

Book a consultation with Jon.

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      • LLC Operating Agreement
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      • Nevis LLC
      • Offshore Bank Accounts
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      • Judgment Collection
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      • Deficiency Judgments
      • Fact Information Sheet
      • Head of Household
      • IRS Tax Debt
      • Not Paying Judgments
      • Statute of Limitations
      • Wage Garnishment
      • Writ of Garnishment
    • Wills and Trusts
      • Avoiding Probate
      • Estate Planning
      • Gun Trusts
      • Inheritance Tax
      • Irrevocable Trusts
      • Last Will and Testament
      • Living Trusts
      • Living Will
      • LGBT Estate Planning
      • Power of Attorney
      • Probate
      • Special Needs Trust
      • Trust Administration
    • Bankruptcy
      • Attorney Fees
      • Chapter 7 Bankruptcy
      • Chapter 13 Bankruptcy
      • Dealing With Creditors
      • Involuntary Bankruptcy
      • Moral Issues
      • Orlando Bankruptcy
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      • Land Trusts
      • Quit Claim Deed
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