Gifting Property

My property is paid for but I have a home equity like of credit of $50K. Can I still give the property to my son as a gift? If not, what actions should I take.

Comments(8)

  • cjmazur5th July, 2005

    "Paid as agreed" is critical to get people to agree to, as the language on the report.

    I had charge off on a credit card, and settle for less than face value. The said it would be reports as "Paid as agreed" but rather show up as $2900 Charge off.

    After a ton of letter and in person call, they agreed to updated the trade line.

  • first-timer5th July, 2005

    so you are saying to get in writing before I make any payments "payed as agreed"?

  • mike33675th July, 2005

    i forgot to get it said as paid as agreed with my first settlement and now im stuck with it saying paid for less than full amount. make sure you get it in writing and have it says paid as agreed!!!

  • cjmazur6th July, 2005

    just like a settlement agreement.

    I agree to give you $XXXX and you agree to consider that as payment and full and will report to all the credit agencies as such.

    You can also try the restrictive endorsement on the check. "Endorsement below acknowledges payment in full of account xxx" They you have the canceled check as evidence.

  • paulmcconnon4th May, 2005

    Clean it up, repaint and rerent it. If you want to be a crybaby and a landlord at the same time you are in for a tough row to hoe.
    The carpets very frequently get ruined by tenants and their ( non-existent) pets.
    Lay tile and next time it is vacant you only have to sweep and mop.
    Paul

  • InActive_Account23rd June, 2005

    Next time you might want to consider lease options. You can get a big deposit and an inflated selling price. The tenants you will get are alot better because they have a real stake in the house.

  • studlee8th July, 2005

    At ****This URL Not allowed****.com you can put it on their credit report but you have paperwork you have to do first.

  • studlee8th July, 2005

    At ****This URL Not allowed****.com you can put it on their credit report but you have paperwork you have to do first.

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