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Mortgage Host Florida

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  • Mortgage Host Florida

    I'm buying a house in Florida. I'm retired and my pension is not sufficient to make me eligible for a mortgage. However I have plenty of assets but these are not accepted by the lenders as collateral for obtaining a mortgage. I'm now thinking in using the name of one of my friends who has sufficient income as a joint applicant for the mortgage. So, in fact we will buy the house jointly and formally the house will be on our both names. However, in practice I want to retain full ownership of the house since I will pay the deposit in full and will pay the mortgage in full. I want to have a document which could reflect this situation, i.e., something that would protect me in the eventuality my friend breaks the trust I put on him, so that I can be comfortable that I will be entitled to the full ownership of the house even in the case of his or my own death. How could I do it?

  • #2
    You might want to get an attorney's help with this.
    Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

    Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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    • #3
      How will your friend be protected? If you dont pay, he will be on the hook for the entire amount of the loan.

      Definately you need an attorney.
      I find that the harder I work, the more luck I seem to have.
      Thomas Jefferson

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      • #4
        Do you actually have a friend willing to let you use their credit and impact their own financial situation this way? If you can't afford it on your pension, perhaps you should rethink if this houise is really affordable. Assets are well and good but if you aren't liquidating them to pay for the house, they mean nothing.
        I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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        • #5
          Originally posted by mandrake666 View Post
          I want to have a document which could reflect this situation, i.e., something that would protect me in the eventuality my friend breaks the trust I put on him, so that I can be comfortable that I will be entitled to the full ownership of the house even in the case of his or my own death.
          What about something to protect your friend if you break the trust he put in you (not saying you will) or you can't pay.

          Run it by a lawyer.
          Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. Leo Buscaglia

          Live in peace with animals. Animals bring love to our hearts and warmth to our souls.

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          • #6
            A cousin-in-law "loaned" his SS# and credit to a friend who was buying homes as investments and who could pay the payments at the time. Then the economy went south .... and the friend stopped paying on at least some of them. My cousin had to spend lots of $$s on attorneys and I think it is still affecting him. So that's from the other side. I too am always surprised at who agrees to such a proposition.

            From your side, it would be better to rent or to liquidate some assets to use for the purchase.

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            • #7
              Even if you make all the payments on time, having your mortgage on his credit is going to affect his ability to obtain credit himself, get a mortgage for himself and can impact the estate when he passes.
              I post with the full knowledge and support of my employer, though the opinions rendered are my own and not necessarily representative of their position. In other words, I'm a free agent.

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