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Posted on: 18th Oct, 2008 06:38 am
About 8 years ago, my husband decided to go into buisness with his father and brother and build 2 duplex's and try and sell them. He was 18 at the time. Before we got married 4 years ago, he didnt want to stick money into them so his father and brother decided it would be alright to take his name out of the buisness. The only thing he would loose was all his labor. The loan that they had was up and so they had to get a second loan. (His father and brother-after my husband got out) This loan was at a low intrest rate, and the company financing this said you have so many years to sell and if you dont, you are personally responsible for that loan. Fast track to present day. Those duplex's still have not sold and it is possible they will forclose. We have not been a part of this for 4 years, never claimed tax's on it, we were completly off from the buisness. They just informed us that my husband's name is on that 2nd loan they got after my husband left. How can that be if he never signed that second loan? Did they automatically put his name on it because he was on the original loan, and does this sound like something we could get out of? If they forclose, this will be on our record when we had NOTHING to do with them getting to the place they are at now. HELP!
Hi meg!

If your husband never signed on the second loan, then his name should not be there. You can ask him to speak to his father and brother so that he can come to know the exact scenario. Moreover, you can also take some legal advice from an expert to be on the safer side.

Thanks.
Posted on: 19th Oct, 2008 10:18 pm
Hi meg!

Its better if your husband can consult an attorney in this regard. May be there has been something wrong in the documentation which needs to be corrected.

Thanks.
Posted on: 21st Oct, 2008 03:43 am
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