Contractor facing Foreclosure

I am a contractor and have 5 fully constructed homes which I have not been able to sell. My business is set up as a Subchapter S Corporation. I have loans on all 5 homes, but have no income to the business with which to pay the loan. The bank has threatened to call in the loans and is telling me that I cannot rent the homes to cover the note payments. My only alternative is to give the homes to the bank, but I am now being told that if there is a balance still due after the bank sells the homes, I am personally responsible for the balance due, despite the fact that the corporations, not me personally owns them. Is any of this true? Is there any other remedy?

[annjd]

You most likely personally guaranteed the loans as well or the bank would not have loaned.

They should work out some deal with you to reduce any payment until you sell. You may want to sell one or two at lower cost just to get some cash coming in. Most banks want to work out something these days.

No, I did not personally guarantee the loans. I had assumed that signing as president of my s corp prevented me from being personally liable for any corporate debts

Normally it would yes -- most loan docs require you personally sign as well but if you did not, you should be fine.

thank you for your help. i've re-read the agreements and am positive that I did not sign this personally. It was signed as "President" of the Sub Chapter S Corp.