qbteachmt
Level 15

I think this is what you told us you learned:

A corporation owns real estate that has debt on it, because the corporation allowed an individual to pledge the property against the borrowing; this is more like cosigning debt. The property was put into the LLC-corporation without any debt instrument (liability) transferring along with the property (asset).

The business is making payments on behalf of the shareholder on what is Personal debt. The corporation has no note payable between any other party; not the mortgage lender and not even the shareholder.

You never addressed: Are other people involved, or just this one person?

Is the real estate title/deed in the name of the corporation?

Is the insurance in the name of the corporation?

Is the mortgage in the name of the corporation?

Is the escrow in the name of the corporation?

Does the Lender know that the Borrower doesn't own the real property that they think is securing that debt?

When did all of this happen, and who gave them guidance?

Oh, wow. I don't know that anyone can help with this mess. It's so wrong.

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