Please Help!
I have a question, i want to buy a house, but my credit is no good and so i can't qualify, but my brother who has excellent credit is willing to buy the house for me under his name. The problem is that he has health problems, and i dont know whats gonna happen to him, how can we buy the house under his name and still protect it or transfer it to me if anything happens to him? How soon? How much? Please, Please, Please Help. <IMG SRC="images/forum/smilies/icon_confused.gif"> Another thing is that if something does happen to him and im on title, how does the loan work, do i automatically continue paying the mortage under the same loan, or do i have to find another company to finance me and start the whole process of buying the house again, with a possibility of a much higher interest rate cause of my bad credit?
Thank u guys out there very much for the info. .[ Edited by tyang on Date 08/16/2003 ]
tennats in common would be the route for you my friend. This will give you equal ownership but you should check with your attorney to ensure that you have rights of survivorship. This is something that would happen at closing.
Best of luck and let me know how it goes..
To build on tailfeather's answer - go with tenent-in-common as occupancy, plus make sure your name is on the title, but the loan is in his name. This will ensure that you can keep paying the loan when (if) something happens to him, and don't have to refi. plus if you ever want to sell, since your name is on the title, you don't have to go through probate (i.e. headache).
There is another way to go - if you want to stand on your own, if you have ANY credit (bad is better than no credit), use your brother as the garantor and co-signer - and get the mortgage in your name. This will do two things for you - help you build your credit (so that one day you can be a great investor!) and another is that it will allow you to have a peaceful sleep that the house is in only your name. But be careful that you ALWAYS pay on time or else your brother will hate you for the time he is around.