A person who loaned me the money, had this money from his personal line of credit, which he cannot pay back to the bank due to some of his personal issues. Can the bank be after me, to get the part of the money that he landed (wired) me? And if yes, is it a criminal issue? What should I do? Thank you.
2006-10-15 09:19:35 · 5 answers · asked by Ofit 2 in Business & Finance ➔ Credit
as long as you didnt sign anything the bank can't come back on you. if this was an agreement between the two of you,you're safe.
2006-10-15 09:29:12 · answer #1 · answered by catwoman 2 · 0⤊ 0⤋
You cannot close a line of credit until it has been repaid in full, and yes it will show up during your credit check through the bank after applying for the mortgage. However, you can include the cost of the line of credit into the mortgage to help pay it off, just be sure to tell the mortgage lender that is part of the funds you are requesting. It could help make it easier for the mortgage application process.
2016-05-22 04:33:33 · answer #2 · answered by Yolanda 4 · 0⤊ 0⤋
If you didn't sign anything and the other person didn't obtain the financing illegally or fraudulently, then you should not be responsible for the debt.
If that person loaned you money, regardless of how he or she obtained it, it is probably a civil matter and they will have to pursue you on their own to be repaid.
2006-10-15 09:39:28 · answer #3 · answered by LadyB!™ 4 · 0⤊ 0⤋
Nope, I don't believe the bank can possibly come after you, unless the money was transferred in error.
2006-10-15 09:22:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The bank will go after him.
Then he will sue you for non-payment. And if you're working, he can garnish you'r wages!!! Why don't you pay him???
2006-10-15 09:22:46 · answer #5 · answered by alfonso 5 · 0⤊ 0⤋