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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
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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: 8 years ago.
Category: Business Law
Expert:  Business lawyer replied 8 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.
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Customer: replied 8 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 8 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.