Against my better judgement, I decided to take the appointment.

The Mortgagee being dead (if they really mean deceased or out of business) doesn't affect the legality or enforcement of the Security Instrument (Mortgage/DOT) and Note.A "Note Judgement" which is not a technical term, seems to mean the borrower can only suffer from a Deficiency if one is pursued.

Run your business in a way that you are less likely to be held accountable for poor judgement.

Disclaimer: If you were to receive a judgement, they may still be entitled to disbursements made to you from the company, but there are other ways to work that.Also, you should not hold your LLC as 100% owner if at all possible.

Lets say a judgement was awarded of $5,000 plus court costs.

In Texas, I could pursue them in small claims court (up to $10,000) and get a Judgement for the money.

On Aug 22, 2019 we got a judgement against the tenant for July, Aug, & half of Sept rent.

More importantly if someone comes after you personally and does a search (or gets a judgement) nothing shows up in an asset search or attaches if a judgment is obtained.

There also could have been a lien, such as a second mtg or personal judgement, that did NOT survive the auction.

Courts have found that when an IRA account directly owns property, a claim against the property may seek remedy from the IRA owner if the IRA/Property does not satisfy a judgement.