Posted on: 30th Sep, 2009 12:22 am
my home is paid for, my credit is shot, i want to help my daughter pay off her credit cards, can i put her name on my house and will she be able to get the loan with her good credit?
Hi sonjaphilips ,
Welcome to our forum.
If you wish to pay off his credit card,be co-signer for credit card account & you can pay off them or you can give some cash to him for pay off his CC.
"can i put her name on my house and will she be able to get the loan with her good credit?"
He must have to build up his own credit score. Adding his name to home will not be help full to him for get loan.
Thanks & Regards.
gunz.ijjistaff
_____________________________________________________________
You can ask your further queries to us at any time.This is the worlds largest Mortgage Community.
Welcome to our forum.
If you wish to pay off his credit card,be co-signer for credit card account & you can pay off them or you can give some cash to him for pay off his CC.
"can i put her name on my house and will she be able to get the loan with her good credit?"
He must have to build up his own credit score. Adding his name to home will not be help full to him for get loan.
Thanks & Regards.
gunz.ijjistaff
_____________________________________________________________
You can ask your further queries to us at any time.This is the worlds largest Mortgage Community.
yes but she need to have good equity in the home.I mean transfer enough shre to her so that she will be able to get the loan to pay off the credit card bills.
keep in touch....
keep in touch....
Hi sonjaphilips,
It is expected that your daughter will get the loan once her name is added to the house. But there is no guarantee that she will definitely get the loan. There are credit, income and various other requirements which need to be fulfilled in order to get approved for a loan. However, if she is added to the house and she fails to obtain a loan, the credit card companies may come after your house to satisfy their debts. Thus, I think she should first check out if she at all qualifies for a loan. In case she meets all the requirements for a loan, she can be added to the house title.
It is expected that your daughter will get the loan once her name is added to the house. But there is no guarantee that she will definitely get the loan. There are credit, income and various other requirements which need to be fulfilled in order to get approved for a loan. However, if she is added to the house and she fails to obtain a loan, the credit card companies may come after your house to satisfy their debts. Thus, I think she should first check out if she at all qualifies for a loan. In case she meets all the requirements for a loan, she can be added to the house title.
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