Q: Our commerical property deed is in our personal names, but the mortgage was in our corporation's name with the bank.
The note has since been charged off and no foreclosure has ever been pursued. The last payment was made December of 2015. What are our rights ? Ownership? What if we wanted to sell it?
A: If the mortgage was secured against the property, you will have to pay off the loan balance to sell. If the property hasn't been foreclosed, you are still the owners. A title search will provide a clearer picture. Schedule a free consultation to discuss all of your options moving forward.
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