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Happy | Can I add a family friend on title at closing even if they are not on the mortgage loan or purchase contract? |
I would like to add the friend because they are helping with half the down payment and will be living in the unpermitted cottage (which will help with the mortgage payment). However the loan company does not know that because he's in between jobs and not working right now but has a lot of cash. Would I be able to add him on title at closing? If not then should I add him later? How much will that cost me? Thank you in advance. |
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Expert Realtor
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You don't have to hide it, and you can't anyway. It will be on the final title policy that they send back to the lender.
I think it is a MISTAKE to put your family friend on title, because then you won't be able to do anything with the property, including refinancing it or selling it, without his signature, and that can give him other legal entitlements to which he should not receive.
Have him "gift" you the down payment, and then post closing, have him do a private mortgage for the amount of the down payment.
Yes, that will put him in second lien position, but it's better than him being part-owner.
No way in heck would I put his name on as an owner.
PS: The above poster is incorrect. There is no law anywhere in any state that says who you can receive financial assistance from. That is a LENDER policy, not a law. Mortgage company's do not get 'automatically' notified of subsequent liens..ever...it doesn't matter if they are in first lien position. No county has such a system in place. Also, adding a name doesn't delay the closing as it can be done in 5 minutes. Who comes up with these made-up idea? |
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sillygirl
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I getting the idea that the file is going through a escrow company. Once you signed your loan document and it get funded and the file is recorded and the money is disbursed from escrow. Go back to the escrow company and ask them to add your friend to title. He not on the loan but he in title. This is not illegal. The escrow company would probably charge you for drawing the deed (free-$100.00) and you'll have to take it to the county recorder and they will charge you a few bucks to record it. |
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Mandy M
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Wow, I wish I had friends like you! I wouldn't put your friend on title, because you have no idea what can happen in the future. Your friend has no legal obligation to help you with your mortgage payment, but he will be part owner if you put him on title. That means that you can't sell or refinance without his signature, even if he never gives you another cent. What if the cash runs out? If you do decide to add him, have an attorney draw up a contract that will protect you. It will be worth the money. You can call any title company for their specific fees to add him. A title company will be able to answer all of your questions.
Mandy McManus-GFMortgage-866-334-0566 x12
TXL#61253 |
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charlie h
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yes you can, in a very similar situation between me and my sister, she had the stellar credit so the loan is completely in her name alone, we split the down payment and I pay the entire mortgage payment each month . the title has both of our names on it , its a condo and I'm on the board so they recognize me as the owner. eventually i plan on paying her back her portion of the down payment!nice sister ! we have different last names so the fact that we are related has no relevance so it could be a family friend as in your situation i would imagine |
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Marcia F
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I don't know all the legal ramifications of titles and loans but I think it would be a mistake to add someone to the title. Like one said, you would have to have his signature to do anything with the property and if you had a disagreement, that could be very difficult.My theory is that friends,family and money do not mix. |
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Big Al
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This sounds like a legal question...my disclaimer would be to seek legal advice from a qualified real estate attorney.
I know you can add anyone on the title...with your situation, I would wait until after closing. The cost would be just the recording fees, ask your escrow/title officer for the amount. |
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Life is what it is! :)))))))))
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Do you really want to put him on title? And if you really do and you qualify for the loan by yourself he can just be added to the loan with you, he can just say he does not have a job. Unless he has bad credit then you wont want to add him.
Funny thing here is you do not state you are having a problem with getting a loan but a lot of answers are people trying to give you a loan. hmmm! Dont fall for any scams sounds like you are already in the right direction. |
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Enrique S
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This is a legal question that should be addressed by a Florida Attorney. I am not an attorney and can not give you legal advise. My answer below is not in any way legal advise, please consult with an attorney.
My answer to your question: You should ask permission to the seller to add your friend to the contract and add him on the title before you close on the property and disclose everything to the lender. Your friend will not be required to be added to the loan but can be added to the title. There is a clause in the mortgage called the due on sale clause, if title is transfered after the closing without the lenders permission they may accelerate the payment of the entire loan and demand it paid in full within 30 days.
Do you have a title company already working on the file? There are several ways you can take title, Please call us today for any other questions you may have.
Julia Argamin
Master Title Company, Inc.
16830 Collins Avenue
Sunny Isles Beach, FL 33160
(Tel) 305-919-9921
www.mastertitlecompany.com |
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m27jean
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After your closing you can do a quit claim deed that will change the title from just you to you and your family friend. The cost will be determined on the value of the property exchanged (some counties will allow a $1 exchange of deed). The deed transfer would probably cost about $120 approximately. |
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Weimaraner Mom
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Probably not because the paperwork will have already been done by the title company, adding it last minute will delay closing. You could call your title company and speak with them to find out, or you might just want to deed 1/2 of the property over to him if that's what you want to do. I understand he's helping with the downpayment but do you really want him to have power of your property? What happens if you two have a falling out?? He could force you to sell your property to pay him off.
My ex boyfriend wanted 1/2 interest in my condo when we moved into it, my father freaked out and said no way. He said that if things didn't work out then when we broke up he could force me out of my own home and force me to sell it to pay him off for his 1/2 it would have been a real mess and I'm glad I never did it, hence I said EX boyfriend.
Think about it before doing it. If your friend wants to make sure you pay him back, Take out a second mortgage for that amount to your friend, it will give him legal rights if you fail to pay and if you sell the property due to foreclosure he will be listed as next to be paid after the bank so he'll be guaranteed the money back. I was asked to do that when I sold my house, the Buyer couldn't come up with the final $10,000 I was asked if I would give her a second mortgage and she would make payments to me on a monthly basis as if I was the bank. the paperwork for the second mortgage would be all filed along with the title and closing paperwork so it would be on record, if she ever defaulted I could lien her for the money. I chose not to go thru with it since I wanted nothing more to do with the property once I sold it.
I hope that made sense, try that instead rather than giving him interest in your home.
Good luck |
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mazziatplay
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Number 1: if you are getting funds from a friend to close and not disclosing it to your lender you are committing a Federal offense called loan fraud. Not a good idea. If it gets caught on audit (and with the implosions in the mortgage industry there are a lot more files being audited) you'll not only lose the house you are subject to a large fine and possibly even jail time.
If you add him to the title you have all of the responsibility for paying the mortgage and if you default alllhe had is a position on the title and he cannotassume you r loan and make payments because most loans are not assumable so to protect his interest he'd have to get a new loan for the home. Also, if you wanted to sell it you couldn't do so if he wouldn't sign the listing and sales agreement. An earlier responder said he could make you sell the property. That is wrong. He has no power whatsoever to make you do anything. All he'd have is a position on the thtile with no evidence of a debt owed to him.
This leaves you both in a potentially tough situation and is a recipe for disaster.
Think again.
Number 2: you can add anyone to the title you want to after the loan closes. (This may be where you get caught as mortgage holders may request notification of secured title changes just as they may request to be notified of subsequent liens). I imagine a lot more of them will be taking advantage of those options now.
legally, you're only able to obtain financial assistance from someone who is not either a blood relative or an approved 501C3 charitable home buyer assistance program. |
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