They could also require that you maintain collateral of at least X% of the outstanding balance of the loan.  

-will I be able to get finances with outstanding taxes owed on the property. 

I have tried to buy a property near downtown, especially around the USC-90007 area, because it is appreciating like crazy, plus the USC village will be outstanding and all the people working downtown that wants to live in a house 5-10 min from work will live there.

There are no "handicaps" that either of us have that would require the true need for the other to be involved...both have good W2 income, both have outstanding credit, no legal issues, etc.  

I'm hesitate to make this deal because of the out standing mortgage and I don't have the cash to pay it in full. 

There are no 'rules' that I know of, but just the reality of getting things moved/done/etc.....In my case, I missed an OUTSTANDING buy on a duplex since we did not have things set up yet, just at the 'almost ready point'.

@Steve Marshall Thank you for the outstanding advice.

Bernie great post....219 contacts to 83 calls then 4 purchases that is outstanding!!!

If you own the property in your name, then your home, checking account, W2 wages can all be used to settle the outstanding $300,000 judgment.

You will be asked to tell each lender all the outstanding debt you have so they can scan your liquidity.