Being an equity partner in buying a property, the loanees have stated that for added security, I could be listed on the mortgage so that in the event of their default, I would get my equity portion directly in the property (as a lien holder).
My question: If this is a rental property, doesn't my publicly recorded name on a second mortgage make me vulnerable to be sued by a renter? How is it legally explained because I know that a Countrywide, or Bank of America first mortgage holder wouldn't be sued by renters if they slip and fall on the property, right? Would I also be exempt from lawsuit as a mortgage holder like a financial institution?
My question: If this is a rental property, doesn't my publicly recorded name on a second mortgage make me vulnerable to be sued by a renter? How is it legally explained because I know that a Countrywide, or Bank of America first mortgage holder wouldn't be sued by renters if they slip and fall on the property, right? Would I also be exempt from lawsuit as a mortgage holder like a financial institution?
