Relocation Loan status when a company sells

[Andrew_G]

I'm a 10 yr Ops Mgr for a global company that is due to complete an asset sale of the facility I'm at in California to another global company.

I have a company provided home loan from a relocation package scheduled to run through 2014 by contract.

Language in the contract speaks to termination but not necessarily a sale.

Info from HR has been minimal.

Is there any obligation of the current company to address this issue in the sale?

If the loan is not picked up by the new company and is required to be paid off in full in a short term, I may not be able to secure new financing for the home.

Do I have any recourse?

What is the name of your state (only U.S. law)? CAWhat is the name of your state (only U.S. law)?

 

[pattytx]

Not if it's an asset sale only. Keep trying with HR to get a definitive answer.

 

[Andrew_G]

Follow-up: would the loan be considered an asset as the current company actually owns part of my house? Would the loan be considered a personal services contract?

 

[pattytx]

That would be stretching it, but only an attorney in your state who has read the agreement in its entirety could say.