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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
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Experience:  Experienced real estate lawyer and real estate broker.
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My bank took forclose judgement on my commercial property business

Customer Question

My bank took forclose judgement on my commercial property business than they did the discounted pay off short sale but not sold in aution buyer is ready to close but I have lien on property and that is not willing to remove what's my options
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.
The bank will have to release the lien when they are paid the money that they are owed. The escrow company will ensure that the lien comes off before they release the payment to you from escrow, so the buyer will be protected by the escrow process. This is confirmed under Indiana law, so there is not a worry that you will not be able to close. The bank is required to release the lien under Indiana law once they are paid in full, and they will be paid in full from the escrow money taken in the short sale.
Please rate the answer 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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