Welcome!


FunAdvice is a social question & answer site where you can make friends, share photos and meet people near you.
FunAdvice RSS for this page:
Rss_feed

Would you finance your family members house for free?

Asked by tookindfamilymember 8 months ago, 2 answers.

If your family member asked you to finance a house for them, but let it still be theirs not yours. Not rent it from you, just help them out would you do it?? They make pmts and dwn pmt but its in your name...

Send this to a friend

Clearing the Gene Pool Answered by bimjob on Dec 02, 2007, 07:30PM
| 1319 answers.

I would say 'No!'
That is a prescription for disaster. If anything goes wrong it will rip your family apart.
If the person with money can afford it, possibly an interest-free loan, with loan papers and the house as colateral. Get a lawyer involved. That way if things do go wrong, there will be solutions already in place.
Co-signing is also an option, but realize that if the borrower defaults on the loan, the co-signer is liable for the full cost of the loan.

dog Answered by amblessed on Dec 02, 2007, 08:22PM
| 6394 answers.

My guess is they need you because of their Credit condition - I'd say 'No way', repair, then establish good credit - they are grown-ups ! - you had to work hard for yours, right ? - I think that could really turn into a Giant mess with you left holding the bag and family relations down the tube...I wish you the best, Merry Christmas !!

Answer this Question: "would you finance your family members house for free?"

Your Answer: HTML is not allowed.


Back to top




 

Related Photos

BEAUTY "Fat $" my bed Lindsay chick lavasa