Updated over 3 years ago on . Most recent reply
Protection in balloon loan
I found a 7 year 5% down 4.2% interest only loan for a 2 family in an EXCELLENT neighborhood and told my lawyer I wanted a clause that stated at the end of the term or for any foreclosure that I can not be found liable for the remainder of the balance if value is less than purchase price. (I mite just word it to be general regardless of the balance)
She stated that this can still be brought to court and Pericles the veil and they can still go after me and my other assets. She said if she were the other attorney that this is what she would do. Can someone please offer me some opinions and give me opinions because I like this deal, the area and the cash flow.