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take a loan question by Justin R: What am I liable for if I have a “mortgage loan” and am not on title?
My employer bought a home for my family and I to live in, then issued me a “mortgage loan” for 50% of the purchase price. I am not on the title, but pay 50% of all costs and taxes. They have a clause that states I am in default if I choose to voluntarily quit within 3 years from the inception of the contract. Can they do this? What if I decide to walk away? They treat me horribly now that they have something to hold over my head. Can I actually be held liable for a mortgage payment on a property do not own? I have never received any money from the transaction.
They own the home free and clear, they have no mortgage. They paid cash.
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Answer by Carolinahomerates.com
yes they can hold you liable…and you can pay that loan for the rest of your life…or when it’s fully paid for.
if you FULLY pay for it…then they were be sole beneficiary’s
To whom are you making the payments? What proof, if you are paying him directly, that that money is being applied to any mortgage he may have ont he property?
Yes you can be held liable if you sgned a promissory note. You agreed to the terms of the loan when you wanted the house.
Your liability is that if you walk away he may be able to sue you on the basis of the promissory note.
You need a Real Estate lawyer.
You don’t have a mortgage if your name isn’t not on it. Sound like you didn’t sign a mortgage. You signed a contract that for the amount you are expected to pay while living in the companies house. You are only in default of your contract with them. So you will have to move if you quit.
Until a property is completely paid off you never truly own it. That is why there are so many people in foreclosure now. the banks that paid the money for the houses are taking them back because the people “walked away” or stopped paying their loans. the same thing will happen here.
You knew what you were signing when you signed it. If you do not like the terms of the mortgage now, you can most likely go to a bank to refinance the property and pay off the employer.
Actually, if you are only paying 50% of all costs and mortgage you are getting a lot. this is doubly true if you are also getting a salary. Basically you are drawing a salary plus benefits of 50% of the mortgage payment. I would hope that all this extra compensation is being reported to the IRS correctly or both you and the company can get in a world of hurt if they decide to audit.
Good luck, it is not a situation I would want to be in.