What is the name of your state (only U.S. law)? Florida
I am a minority share partner with 3 other guys in a business. One of our business assets is a house we rent out. We are considering refinancing our current loan to get a better interest rate. My partners have approached me and are proposing that I sign the mortgage loan alone because we get the best interest rate. But they want the note to be in all our names. (Again... I have less than 25% ownership in this company).
My first question, and the most one I need as soon as possible is: Would this be defrauding the mortgage company?
My second question is: This seems to be an excessive risk on my part and is there any way to protect myself?
Thanks in advance,
Jayfin
I am a minority share partner with 3 other guys in a business. One of our business assets is a house we rent out. We are considering refinancing our current loan to get a better interest rate. My partners have approached me and are proposing that I sign the mortgage loan alone because we get the best interest rate. But they want the note to be in all our names. (Again... I have less than 25% ownership in this company).
My first question, and the most one I need as soon as possible is: Would this be defrauding the mortgage company?
My second question is: This seems to be an excessive risk on my part and is there any way to protect myself?
Thanks in advance,
Jayfin