Nyc acris question -- mortgage as nominee

I am seeing a house sold with a mortgage, but the mortgage is listed as “LLP,AS NOMINEE”

does this mean that the lawyer is the one that gave the mortgage?

I do not see any mention of a bank in the mortgage document.

mjkelly

in General Discussion 6 years and 7 months ago

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mjkelly

in General Discussion 6 years and 7 months ago

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@no-permitz ahh ok, that is what I assumed, it was just weird just seeing the lawyers name in the mortgage document and no mention of any bank.

mjkelly

in General Discussion 6 years and 7 months ago

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@no-permitz ahh ok, that is what I assumed, it was just weird just seeing the lawyers name in the mortgage document and no mention of any bank.

yudashasom | 6 years and 7 months ago

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I’ve seen a lot of lawyers lend, but a nominee is not a lender. It’s probably private money where the lender wants to be anonymous.

mjkelly

in General Discussion 6 years and 7 months ago

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@resident2 No, I saw a house that was sold and the mortgage was listed as from “LLP, as NOMINEE”, which I know is a law firm, but is the law firm the one giving the mortgage? It is for a 3 unit home.

mjkelly

in General Discussion 6 years and 7 months ago

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@resident2 No, I saw a house that was sold and the mortgage was listed as from “LLP, as NOMINEE”, which I know is a law firm, but is the law firm the one giving the mortgage? It is for a 3 unit home.

resident2 | 6 years and 7 months ago

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Are you saying you have seen a house advertised for sale with an assumable mortgage or some kind of mortgage being offered in the sale?
In which case it is probably a private mortgage being offered. An LLP, is a Limited Liability Partnership, not a Bank.
Is there a problem with the property that a conventional mortgage could not be obtained?
Look at the terms of the mortgage very carefully if you proceed.