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[harley56]

That might be a recent tactic, but I never did so. My building isn't worth near $12M, and they eventually sold off the note, but it's just under the LLC, and I rent the property back to myself (different LLC) and depreciate the whole thing - with no personal liability other than the accumulated appreciation at any given time.  When the economy comes back, I'll refinance it again to the hilt, pocket the money and start over again. Finance 101. Surely they can afford better accountants and attorney's than I can.

Either way, they will probably work it out before anything gets seized.

You did good!  My loans, and all my neighboring dealers with loans through GE Capital, are tied to personal guarantees.  However, these aren't real estate loans.  Guess without more info. who knows for sure, and I agree, they will probably work it out.

[gmpartsman]

sr had a couple of his collector cars on ebay last week..hhmmm..

[Chains]

That might be a recent tactic, but I never did so. My building isn't worth near $12M, and they eventually sold off the note, but it's just under the LLC, and I rent the property back to myself (different LLC) and depreciate the whole thing - with no personal liability other than the accumulated appreciation at any given time.  When the economy comes back, I'll refinance it again to the hilt, pocket the money and start over again. Finance 101. Surely they can afford better accountants and attorney's than I can.

Either way, they will probably work it out before anything gets seized.

I never had to sign personally for property loans with them either, alot of people and companies use this tactic and most of the times it works.  OCC is in a good position due to the fact they owe GE so much money, GE will settle before its over.  Not that I agree, but I think it will happen.