 Can I leave husband off of title to house? |
Married. Live in IL. Do not want his name on the title.
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joellamink | Family and Real Estate Dilemma? |
My family is losing their home. they can't pay the mortgage. They want me to buy another home as a first time buyer so they can move into it before they lose their house, they will pay for the lower mortgage i'll be getting and they will remove me from the title in six months and they will be solely responsible. My family says this will not affect my credit or ability to buy my own home in the future. Is this correct? P.S. They also "own" rental property. Couldn't they just sell their home or sell the rental property. I feel like I might get screwed over, not intentionally but ignorantly screwed over by my family. |
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loanmasterone
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My first response to family members co-signing or making a loan for family members is "NAW"
If you decide to enter into such an agreement you will be on the loan docs and responsible for the monthly mortgage payments. Failure on their part to make the monthly mortgage payments will reflect on your credit report. (Who's name is on the mortgage loan docs?)
Removing you from the title a few months later would only remove you from having any title interest in the property. I would not understand why you would want to do this as long as your name is on the mortgage note.
Signing the property over to them leave you with no say as to what they can or can not do to the property.
Your family has proved so far that they can not or will not make the monthly mortgage payments on a house, what make you think they will make the monthly mortgage payments if the mortgage note is not in their name?
I don't know the reason for their failure to make the monthly mortgage payments, but the have.
If they own other property they could possibly refinance one of their rental properties to get out of the foreclosure situation they are currently in.
As far as getting a mortgage, you must qualify for a mortgage loan, any debts on your credit report will lower your debt-to-income ratio unless you earn lots of money or the houses are extremely lower in price.
No matter the price of the house you plan to purchase this monthly mortgage payment will show on your credit report and lower your ratio.
Your family members might be able to prove that they are the ones paying the monthly mortgage with canceled checks, which in some cases are accepted by lenders when a person is qualifying for a mortgage loan.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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DennistheMenace
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let them sell the rental, and go rent one themselves....the only things that makes this a good deal for them, is there not responsible for anything, an you are for everything....dont do it, just let the sinkin ship, sink........they wont be any smarter in your house, than they were in theirs................. |
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Veritas et Aequitas ()
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Well, whether they take you off title or not, you are still on the loan. And you would have to be refinanced out of that which they won't be able to do for a few years with their runied credit. Stay away from that, not a good deal. |
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v b
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Don't do it.
Tell them to go rent.
Somewhere in the paperwork they are asking you to sign will be a statement that you will be living in the house as your primary residence and making payments from your income. You will sign under penalties of perjury. Lying is fraud.
Two, they can't just go, gee 6 months are up, let's refinance and get Susie's name off the deed. 1. The original lender is going to want to be paid in full. And if they default on their current home, there' s no way they will qualify for a new mrotgage. |
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Jay S
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It absolutely will affect your credit and ability to buy your own home. The only thing removing you from title does is remove your ownership interest in the home. You will still be on the mortgage and liable for that payment. When its time for you to buy that payment will be held against your debt to income ratio and if you buy this home for them using FHA you will not be able to use FHA to buy your home. Once they get through the foreclosure it will be 3-4 years before hey will qualify for a normal mortgage. |
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SmartA$$
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I agree with everyone else, this is a bad deal for you all the way around. Your family may have the best intentions, but like you suggested, they are ignorant about how this process works.
Here are the down-sides to you if you were to do this deal:
1. The payment will hurt your credit score and your ability to get other loans, or even find a place to rent.
2. Any mortgage will require you to sign a statement that you will be living in the home. This is because mortgage interest rates are much higher for investment/rental properties than if you are buying a house for yourself. If you lie on a legal document such as a mortgage, you can, and will be tried for loan fraud.
3. You will no longer qualify for First time home-buyer programs which could be the difference of whether or not you are able to buy a house for yourself in the next few years.
4. Your family is dead wrong about the idea of just signing the house over in 6 months. It simply doesn't work that way. If you sign the mortgage, then you are liable to pay back that money. Giving away ownership of the house doesn't transfer the mortgage. Plus, you can't give away ownership of the house while you still owe a mortgage against it, the bank has the legal right to reject the transfer of title and they will most definitely exercise that right. If you wanted to transfer ownership of the house, and responsibility for the loan to a family member, then the family member would have to get approved for a loan all by themselves (which won't happen because of the recent foreclosure on their record), then they would use the funds from their new loan to pay off your loan, and then ownership of the house could be transfered.
As you can see, this is much more complicated than your family members realize.
5. If you do this deal, it will destroy your relationship with your family. The bottom line is that somebody will get screwed in this deal. That will leave people angry and bitter and you'll be one of those families that never speaks to each other. Nothing is worth that.
You may think your family will be mad if you tell them no. That's probably true, but if you explain your reasons they'll get over it. If you do the deal and somebody gets screwed and it costs them tens of thousands of dollars, that person will never forgive the family.
You need to tell your family they are on their own for this one. You can be helpful by offering to help them move, or help them fix up their house or the rental house so it will sell more easily. But as far as buying a house for them, it just cannot possibly work within the legal regulations that are built into mortgages. Good luck breaking the negative news to them. |
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Landlord
 |
I am so sorry that you come from a family of bullshitters.
They are setting you up for a hard fall. They are basically going to have to sign over rights, and keep the mortgage. This WILL effect your credit and it WILL prevent you from buying your own home.
There is no possible way it will go down as they are stating, no way. |
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Pengy
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One remove you from title fine, but that does not remove you from the mortgage. You will be responsible for it if they don't pay. (bet they don't) next yes the higher debt load will decrease your credit score. My God family trying to rip off family that is really low. |
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frak1a12345
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NO NO NO Do not do it. You will be responsible for the mortgage and you will not own the property. Are you crazy??? You should not have to ask this question because the answer is a no brainer!! |
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