I belong to an LLC which wants to buy a property as a residential mortgage to save on taxes. I was asked to sign for the loan and agreed without fully having understood what it would mean to me and my credit. I was told that immediately the title could be signed over to the corporation, but it was not represented to me that I would still be responsible for paying the loan. The corporation is not strong enough to get its own loan, and I no longer want to be a part of this deal. The owner doing the selling states he has a contract with me and whatever happens to me after that is between me and the other owners of the corporation. Can I get out of this transaction? What will it cost me? Are there other legal ramifications?
