Legal Question in Real Estate Law in Louisiana

I'm selling my Corporation. The Corporation owns some 4-plexes in Louisiana. There is a mortgage attached to these 4-Plexes. How would I go about getting the new owners of the Corporation to take on the loan? I need to remove myself from the mortgage note. Will the Lender allow this?

Myself and several others in the Corporation signed the note as personal guarantors of the note (had to send in our personal financial statements etc) but we now will not own the Corporation. how do I get this switched over to the new owners of the Corporaton so we remove ourselves from the liability of the note.


Asked on 8/11/09, 2:52 pm

1 Answer from Attorneys
Adam Lambert The Law Office of Adam S. Lambert

That is up to the lender. They are not bound by the sale of your company, since you guaranteed the notes personally. Your buyers will have to qualify for the loans and possibly refinance the properties in their own names.

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Answered on 8/20/09, 6:18 pm


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