Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.
“DearEsq.
My wife and I were in signed over the Deed to our house about 3 years ago. The person in control is an investor and basically gets property through this process. The first 6-8 months was fine, as he made all the payments and leased out the property to build more equity. Over the past 28 months, it has been a nightmare. We are constantly getting phone calls from the lenders stating late payments. Do I have any legal rights regarding this situation?
Thanks for any help!”It’s hard to tell exactly what the deal was that you made with this investor, so it’s difficult to say for sure what your situation is. If you still have a mortgage on the property that is in your name, then as far as the bank is concerned this is your problem. You need to make the payments (or make sure they are made) or your credit will be affected. The fact that you don’t own the house is irrelevant-except that it could trigger the bank asking for full and immediate repayment!
Question: As for your relationship with the investor, you’d have to consult the contract that you have with him to determine what your relative rights and obligations are. If this relationship is heading down the drain, you might want to consult with an attorney sooner rather than later.
