Can you filch a mortgage on a house that you do not own?
My sister's boyfriend wants to take a mortgage on her house surrounded by order to add a garage. He lives next to her but does not own the house. He tells her he will pay final the mortgage himself. I say this is not possible. Am I right?
Answers:
it's in her name consequently he can not! she would have to take it out surrounded by her name but she would be stuck with it if he does not earnings it back.He would have to recompense her the money directly,not the mortgage co.and she would have to send them the payments.If he have nothing to do with her mortgage and his baptize is nowhere the bank will laugh at him for trying.!
He could take out a personal loan, afterwards if she says she will be responsible for the cost of the addition, after if she does not pay him back he could put a lien on the house for the meaning of the addition and work. This is the only means of access he could ever associate himself adding a garage and the title to the house. This was not what you be proposing though so I don't know why I brought it up...nevermind :)
You are correct. She would have to take out the loan.
no, it is not. you cannot find a second mortgage on a home where you are not on the title. also, why would he want to pay for a garage on a home that he doesn't even own? what would he do if he and your sister broke up? he is any stupid or trying to con your sister.
If she owns it, she is the only one who can borrow against it. The loan would enjoy to be in her name and not his.
If it's her house consequently she has to be the one to sign the papers.
Technically, you and the other answers here are correct. Sort of. That is, he can't only just walk into a bank and carry a mortgage (presumably a second mortgage, but that really doesn't matter) on her house. That's because the lender would want the mortgage secured by property. And because your sister's boyfriend doesn't own the property, he couldn't offer the bank any financial guarantee.
If your sister were agreeable, there are ways that he could borrow the money. I won't capture into them here because I agree with most of the rest of the responses that I'm not sure it's a wise entity for your sister to do. One tip, though: If somehow your sister is talked into "lending" her boyfriend the money, she should secure the loan next to a UCC filing on whatever property the boyfriend have. I'm guessing he wants the garage because he works on cars, or has a couple of motorcycles. Fine. Secure the loan beside a UCC filing on the cars and motorcycles. That way, when he default on the loan, she can seize the vehicles.
Again, I don't suppose she ought to do it. But if she does, at least she ought to protect herself. A lawyer can help out with the paperwork and technicalities.
Good luck.
He have to be on title...Sounds like a bad conception, once he's on title he owns the house too
No it is not possible.
Boyfriend is possibly taking advantage of her.
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Answers:
it's in her name consequently he can not! she would have to take it out surrounded by her name but she would be stuck with it if he does not earnings it back.He would have to recompense her the money directly,not the mortgage co.and she would have to send them the payments.If he have nothing to do with her mortgage and his baptize is nowhere the bank will laugh at him for trying.!
He could take out a personal loan, afterwards if she says she will be responsible for the cost of the addition, after if she does not pay him back he could put a lien on the house for the meaning of the addition and work. This is the only means of access he could ever associate himself adding a garage and the title to the house. This was not what you be proposing though so I don't know why I brought it up...nevermind :)
You are correct. She would have to take out the loan.
no, it is not. you cannot find a second mortgage on a home where you are not on the title. also, why would he want to pay for a garage on a home that he doesn't even own? what would he do if he and your sister broke up? he is any stupid or trying to con your sister.
If she owns it, she is the only one who can borrow against it. The loan would enjoy to be in her name and not his.
If it's her house consequently she has to be the one to sign the papers.
Technically, you and the other answers here are correct. Sort of. That is, he can't only just walk into a bank and carry a mortgage (presumably a second mortgage, but that really doesn't matter) on her house. That's because the lender would want the mortgage secured by property. And because your sister's boyfriend doesn't own the property, he couldn't offer the bank any financial guarantee.
If your sister were agreeable, there are ways that he could borrow the money. I won't capture into them here because I agree with most of the rest of the responses that I'm not sure it's a wise entity for your sister to do. One tip, though: If somehow your sister is talked into "lending" her boyfriend the money, she should secure the loan next to a UCC filing on whatever property the boyfriend have. I'm guessing he wants the garage because he works on cars, or has a couple of motorcycles. Fine. Secure the loan beside a UCC filing on the cars and motorcycles. That way, when he default on the loan, she can seize the vehicles.
Again, I don't suppose she ought to do it. But if she does, at least she ought to protect herself. A lawyer can help out with the paperwork and technicalities.
Good luck.
He have to be on title...Sounds like a bad conception, once he's on title he owns the house too
No it is not possible.
Boyfriend is possibly taking advantage of her.
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Mortgage cross-examine, what happen if you cannot cause payments?
Say if you were to buy a house and you lose your job and are not sufficiently expert to make payments what type of options do you own? Can you move out and rent your house out to make the payments? What if you have...