Asked by Dr. B, Bovey, MN • Tue Jul 20, 2010
My business has been purchasing a "house" from my brother contract for deed for the past 2 years. He has a 102k mortgage through BOC as primary and a15k 2nd mortgage (Citibank) remaining. He has not followed through in the past few months on paying the remaining balances and they are threatening foreclosure. If I were to take over the BOC mortgage in my name, he is supposedly still responsible for the 2nd mortgage, not me. Is this true and what happens if I wanted to sell the property in the future if the 2nd one is not paid off?
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