Curious if anyone has done this before. At this weekends self funded search conference in Dallas various searchers mentioned the ability to protect our house from a personal guarantee required for an SBA Loan by taking out a HELOC on our house. What are your thoughts or experience?
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I'm in Florida and I talked with a lawyer in the state who specializes in the law and even though it was if memory serves $400 for an hour consultation. It was more than worth it to be 100% sure what the law was for my particular situation.
Even if the banker says you should be okay... You should still consult a lawyer in your state because after talking with the lawyer - the bankers while technically correct in my situation - it could have led to some major issues down the line the way they wanted to structure things and how the homestead laws work in Florida.