Posted By: jlroberts
Deed in LLC - Borrower/Sole member lives in house - 06/18/14 09:25 PM
Senerio - Property in the name of a LLC. LLC signed mortgage and borrower signed the Note personally (he lives in the property). Loan documents were done as in Investment Property using a Cognovit Note. I think I have two problems - 1) the loan was for a consumer purpose, therefore in Ohio, a Cognovit Note would have been prohibited and 2) we should have given the borrower a ROR.
Any thoughts?
Any thoughts?