QUESTION
How does a private-mortgage holder (individual) foreclose on an LLC that owns a 3-family home
Asked on Aug 15th, 2016 on Foreclosures - New York
More details to this question:
The terms of the mortgage required the LLC/mortgagor to keep the house in good condition, pay the taxes on time, and pay the mortgage on time. The LLC (a single-member LLC) has met none of these conditions. The mortgagee is a natural person. Are the foreclosure laws different for a commercial lender vs a private lender? If so, how does a private lender go about foreclosing?
1 ANSWER
1 Award
The laws are not different for a private lender. You are going to have to foreclose in the Supreme Court like everyone else.
Answered on Aug 16th, 2016 at 7:44 AM