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I Live in california and may have to foreclose on my house here. I also own a Condo in Nevada. If I incorporate myself (in NV), can I sell my (NV Condo) to the corporation?

jameshogg · Posted: Tue Jul 13, 2010 10:43 pm Post subject:

Hi Friend,

As far as I know, you can transfer/sell your property located in Nevada to a corporation. However, you should remember that California is a non-recourse state. The lender won't be able to come after you for the deficient balance resulting from the foreclosure. Thus, after the foreclosure sale, you'll only lose the property but you won't be liable for the balance dues.

Thanks

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