Posted on: 06th Sep, 2010 08:20 am
I am loaning a family member some money to purchase a home. To protect myself to ensure repayment of loan I want my name put on the mortgage or deed. I in no way want to be responsible for payment of the note, I just want to be able to assume ownership in case of nonpayment or in case something happens to my family member. Please advise as to the correct course of action. Thank you.
You can add your name to the property deed in order to claim ownership in the property. You can even sign an agreement with the buyer regarding the loan mentioning the terms and clauses so that you can take actions accordingly in case he or she defaults the loan payments.