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I own a house in an llc. The llc has a judgment against it. If I can get the buyer to agree to a special exception on the title policy, will the buyer's mortgage company go along with it? The holder of the judgment cannot foreclose so I don't know why the bank should have an issue with it, but it wouldn't be the first time I was wrong about how a bank should think...
You aren't giving enough info. Doesn't matter as my answer would not be different even with more info.
But if I was the buyer, I would not agree to what you want. And you'd be looking for another buyer.
No the mortgage company will not go along with it. They remember the last crash and all the mortgage fraud too well.
Although the lien holder may not be able to foreclose on the real estate, they can make a claim against the proceeds from the sale. So, your mortgage holder will be looking for a sale price sufficient to cover the lien and the mortgage you owe them. If you don't have a mortgage, the lien amount will be deducted from the sale and you'll get whatever is leftover. Of course, the lien holder can get even for waiting by taking their sweet time settling this with the title or escrow company.
I own a house in an llc. The llc has a judgment against it. If I can get the buyer to agree to a special exception on the title policy, will the buyer's mortgage company go along with it? The holder of the judgment cannot foreclose so I don't know why the bank should have an issue with it, but it wouldn't be the first time I was wrong about how a bank should think...
Nope. The lender would then be in 2nd position and the judgement would be senior or the 1st.
Exactly as stated above. When your current lender is paid is full, that LLC lien slides into first place, unless the sign a subordination agreement, agreeing to remain in 2nd position.
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