Well IMO you’re CRAZY if you put your name on the mortgage without it being on the deed. NEVER, NEVER, NEVER do that.
If he’s concerned about a lawsuit against you MAKE SURE YOU HAVE INSURANCE. I notice that YOU’RE not concerned about a lawsuit against HIM. No reason to be. If he gets sued, THEY CAN TAKE HIS HOUSE AND YOU’D STILL BE PAYING ON IT. Sweet deal for the BIL!
Just because someone is sleeping with your sister is no reason to let him screw you like this.
Either do the deal right or don’t do it. My advice is don’t do deals with people who start out trying to screw me.
I am going in on a property with my brother inlaw,I found the property and put the deal together It was accepted,his credit is better than mine so he is getting the financing our only concern is the liability factor,if there is a law suit against me what is the best way to put the deed so there wont be any leins on the property also I want to put my name on the mortgage to build my credit but I dont want anything to happen to my brother inlaw he is using an equity line of credit from his residence,this is our first investment,what should we do?
Re: Names on the Deed and the mortgage. - Posted by River City
Posted by River City on June 21, 2005 at 06:26:16:
You cannot just add your name to the Note after the loan has closed. Your credit must be approved and accepted by the lender. Since the loan will be a home equity line of credit on your brother-in-law’s residence, I don’t believe they will allow your name to be added to the Note, except as a guarantor and if you have poor credit, you would not qualify as a guarantor.
You should ask the lender how to arrange this deal. They might be able to tell you how to do it. Tom from Florida (on this Board) is also very good at things like this. Maybe he will shed some light on this.