Posted on: 22nd Jun, 2010 09:57 pm
Hi,
I have a bit of a problem. I did not claim any income for 2009 and really want to buy this condo. My uncle offered to take out a mortgage for me which I will pay for on the mothly basis. How do I protect myself in terms of ownership of this property. I mean, I really don't want him to sell it down the road for example without me knowing it. Would a quite claim deed do the trick in this situation? Can I be added on the deed and/or the title? Thanks a lot
I have a bit of a problem. I did not claim any income for 2009 and really want to buy this condo. My uncle offered to take out a mortgage for me which I will pay for on the mothly basis. How do I protect myself in terms of ownership of this property. I mean, I really don't want him to sell it down the road for example without me knowing it. Would a quite claim deed do the trick in this situation? Can I be added on the deed and/or the title? Thanks a lot
Hi Alex101
Your uncle will be temporarily allowing his credit to get the mortgage but at the same time you do not want him to be on deed.
This is possible,you need to make sure that he is on the mortgage only and not on deed ...............but here one question still remains that you should not take undue advantage of the situation by not paying mortgage on time otherwise your uncle will be in big problem.
Your uncle will be temporarily allowing his credit to get the mortgage but at the same time you do not want him to be on deed.
This is possible,you need to make sure that he is on the mortgage only and not on deed ...............but here one question still remains that you should not take undue advantage of the situation by not paying mortgage on time otherwise your uncle will be in big problem.
greg3
Thanks for this correction,as I had presumptions on this topic that lender will not immediately accelerate the note when transfer of property is done and even all the payments are regular.
Thanks again for this insight.
" There are no gimmicks to get around the rules."
I was not trying to advice the original poster to bend the rules,It is true that there are no shortcuts to 'peaceful and great credit'.
I take my words back for the previous post.
:!: :!: :!: :!:
Thanks for this correction,as I had presumptions on this topic that lender will not immediately accelerate the note when transfer of property is done and even all the payments are regular.
Thanks again for this insight.
" There are no gimmicks to get around the rules."
I was not trying to advice the original poster to bend the rules,It is true that there are no shortcuts to 'peaceful and great credit'.
I take my words back for the previous post.
:!: :!: :!: :!: