Legal Question in Real Estate Law in New York

I purhased a property with two parnters in August of 2006. We received two mortgages. The property was appraised for $1,050,000 (we financed 90%). The first mortage is with a bank for about half the funds and the second was with the SBA as the building has a business (Deli).

We personally guananteed both notes.

The partners are fighting, the mortage is way in arrears, and the SBA has taken legal action against us as of August 18 1009.

In august of 2008 I sold my house, and move all of our assets and proceeds to my wifes name solely.

question is, 1) can they come after our new house (my wife purchased) and any of her assets? and 2) how can I defend myself.

We set up a LLC for the partners and I was bought out of the business about 18 months ago, but I could not get out of the PG.

Thanks Vincent Butta


Asked on 9/01/09, 4:37 pm

2 Answers from Attorneys
Thomas Sirianni The Law Office of Thomas A. Sirianni

Your questions is a comlicated one to answer. There are ways to protect yourself but I would need more facts. Call me on my cell phone at 516-314-1343

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Answered on 9/10/09, 11:24 am
Steven Czik CZIK LAW PLLC

We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

Gordon

Law Offices of

STEVEN J. CZIK, P.C.

101 Avenue of the Americas, 15th Floor

New York, New York 10013

212.413.4462

[email protected]

The information provided by The Law Offices of Steven J. Czik, P.C. (LOSJC) is for general educational purposes only. There is no attorney-client relationship established by this communication and no privilege attaches to such communication. LOSJC is not taking and will not take any action on your behalf and will not be considered your attorney until both you and LOSJC have signed a written retainer agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain LOSJC on terms acceptable to LOSJC, you are advised to immediately seek the services of another attorney.

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Answered on 9/14/09, 1:58 pm


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