How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Business lawyer Your Own Question
Business lawyer
Business lawyer, Attorney
Category: Business Law
Satisfied Customers: 418
Experience:  J.D., Magna Cum Laude, University of Alabama. Judicial Clerk for Supreme Court of Alabama 2004-2005
Type Your Business Law Question Here...
Business lawyer is online now
A new question is answered every 9 seconds

your business owns property that has been foreclosed on, can

Resolved Question:

your business owns property that has been foreclosed on, can you buy it back on the county court house steps under another business name?
Submitted: 7 years ago.
Category: Business Law
Expert:  Business lawyer replied 7 years ago.
You absolutely can. In fact, if you are the highest bidder on the property, you can buy it back as the old business as well. There is no prohibition on who can bid on these properties.
Business lawyer and 2 other Business Law Specialists are ready to help you
Customer: replied 7 years ago.
If there are leins on the first loan, and you buy it as another name, do you have to pay off the leins?
Expert:  Business lawyer replied 7 years ago.
The liens have to be satisfied by the purchase, but this can be less than the actual amount of the liens if negotiated.

Look at it this way. This is an absolute auction. The bank will have someone there to bid minimum value. If the bank negotiates beforehand, and gets the lienholders to settle for less, than the liens are deemed satisfied. On the other hand, the bank is auctioning the property on this basis. The lienholders take first. Thus, if there are outstanding liens of, for example 30,000, and the property sells for 25,000, then the lienholders collect in order or priority and the bank gets nothing. The liens are satisfied even though not fully paid.

Related Business Law Questions