- This topic has 7 replies, 6 voices, and was last updated 8 years, 11 months ago by Anonymous.
- February 15, 2011 at 4:16 pm #412422AnonymousInactive
As long as you are on the title you still own half the property. By not being on the loan, technically you are not liable due to default. This is the best of both worlds for you. If your partner is ok with it, go for it.
- February 15, 2011 at 4:40 pm #412423AnonymousInactive
if you trust (HIM),you don’t have anything to be concerned with.
you don’t need to be on the loan in order to have an ownership interest
in the property.adding your name to the title automatically will give you legal
rights (ownership) and since you are not on the loan papers,you will not
have any liabilities toward lender .
you make sure,that your name is added to the title,as soon as re-financing
in order for him to add you to title,he must sign a grant deed,giving title from
himself only to himself and you.this grant deed ,then needs to be recorded
in whichever county the property is located.
- February 15, 2011 at 4:42 pm #412424AnonymousInactive
its a win/win for you……make sure you stay on the title and you have rights to the house, and if you are not on the mortgage you dont have the liability or the debt!!!
- April 16, 2011 at 5:25 am #199032AnonymousInactive
I have a friend who needs help and I want to make sure he gets the best company to help him. Thanks!
- April 16, 2011 at 5:35 am #256662AnonymousInactive
The best one I know of is Consumer Credit Counseling Services. You can reach them at 1-800-388-2227.
They are the largest and oldest non profit credit counseling service in the Country.
- April 16, 2011 at 5:42 am #256718AnonymousInactive
Be very careful!!! consolidating debt means that they will close your credit cards and you will make one payment BUT it damages your credit tremendously!!!! Tell your friend to call the credit companies himself/herself and strike a deal.
- April 16, 2011 at 12:15 pm #257378AnonymousInactive
Hello! This is a very important choice and can be very daunting. Tell your friend they should stick to a true non-profit company that doesn’t charge a fee or take a portion of your first payment for “administrative” charges.
I woulds say the most reputable is Consumer Credit Councelling they are chartered in most large citys.
Hope that helps.
- April 16, 2011 at 2:33 pm #257476AnonymousInactive
Stay away from InCharge… They dont help at all, and dont seem to care. The Consumer Credit Counseling was very helpful and knowledgeable… check your area for a local branch
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