What are my rights if I have a business but my property is under another business name?
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What are my rights if I have a business but my property is under another business name?
I have a mortgage on the building using my TIN. Now the owner who is on the deed wants his property back. Is the building mine or the deed owner and, if I stop paying, can the bank come after me and my business name and credit?
Asked on August 16, 2014 under Business Law, South Carolina
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Who is on the deed? If you are on the deed but not on the mortgage, the person who is on the mortgage is the individual who would be foreclosed on. The issues of who is on the deed as being completely separate from the mortgage may cause a problem with the foreclosure if any. Consider speaking to a lawyer about your next steps.
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