Legal Question in Real Estate Law in New Mexico

Real Estate Partnership Problems

I have an LLC with one other partner. LLC in is New Mexico. A deed to a triplex was moved into the LLC. The mortgage, however, just has the other partner and his wife on it. I never signed any note. This mortgage note is held by the FORMER owner of the property. The mortgage holder (FORMER owner) wishes to forclose. My partner never informed mortgage note holder of the LLC or of my status as a partner. This partner is the majority holder of the LLC and I am starting to feel as though I have been scammed. I don't want any forclosure problems. What do I do? How do I avoid the problems that my partner caused? How can I avoid damage from a forclosure? Thanks


Asked on 6/13/09, 12:14 am

2 Answers from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: Real Estate Partnership Problems

If you are not on the mortgage, then you have nothing to worry about. The property may be foreclosed, but that won't affect anything except your interest in the property. You can withdraw from the LLC by submitting a letter of withdrawal. Do so if you think you are getting scammed.

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Answered on 6/17/09, 8:09 pm
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Real Estate Partnership Problems

Your remedies(whatever they may be)will probably lie

with an action against your partner (once you have incurred provable damages from his actions with respect to you in the matter).

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Answered on 6/14/09, 11:17 am


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