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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55717
Experience:  29 years of experience practicing law, including tax and estate planning.
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My friends children are charging me with taking out a loan

Customer Question

my friends children are charging me with taking out a loan in their mothers name in 2007. She died in 2015. Do I have any rights? I didn't do it
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Hi. My name is ***** ***** I look forward to helping you.

Yes, you do have a defense here. Pursuant to Mass. Ann. Laws ch. 260, § 1 et. seq., the statute of limitations for a loan in Mass. is 6 years. So, you are beyond the statute of limitations and that gives you an absolute defense.

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Customer: replied 1 year ago.
would you know if it is illegal to not put my name on the mortgage when we refinanced this friend was living with me and cosigned and somehow I was not on the mortgage just the deed
Expert:  Richard replied 1 year ago.

There is nothing illegal about this. It would be unusual especially since you mentioned she "co-signed" for you which means both of you signed. But, unless she objected to it, there's nothing illegal about it.

Customer: replied 1 year ago.
i cant find that law i looked in chapter 260
Customer: replied 1 year ago.
they foreclosed on the house and I had no say because I wasn't listed on the mortgage
Customer: replied 1 year ago.
i hAve to have the law to take to court with mei am not on the mortgage at all. I don't know why. I am on the house but not the mortgage
Expert:  Richard replied 1 year ago.

If you are not on the mortgage, you're not on the mortgage. It's not illegal. The mortgage is still secured by your house so if the loan isn't paid, the lender can take the house. The only thing not being on the mortgage means is that if the loan is in default, if the value of the house is not sufficient to pay the mortgage in foreclosure, the lender would not then be able to pursue you for any deficiency. But, you are at risk because your house is at risk.