Can a minor be on a mortgage work of trust?
My friend recently separated from her kid's father. She asked to keep a condo they own, but he said he would simply let her keep it if the work of trust was under the kids describe. Is this possible? They have 2 kids, age 11 and 9. Thanks!!
Answers:
No. They can't offer a legal signature until they are 18. THey could create a trust for their benefit; but at hand is no way a deed of trust can be issued to two minors.
No it its unattainable. They are considered minors and are not of legal age to own any real property. He doesn't want to be responsible along near her if something should happen to the condo. If her name is on the title, he would hold to buy her out.
Would depend on whether within is a mortgage on the condo. If it's paid off, consequently the deed can be under anyone's label, including that of a minor. However, it would have to be set up in a trust. But, if nearby is a mortgage attached to it, I doubt they can do it as most mortgage companies won't allow someone's name to be on a deed that isn't on the loan and I don't see the mortgage company extending credit to a 9 and 11 year infirm.
they are competent to be undersigned to the deed of title. the only kicker is the minor have no legal right to anything until the age of 18, basically it's pointless to do so.
You can put anyone on the deed that you want even if they are a minor BUT afterwards the property can NOT be sold until all people on the creation are 18 years old or older.
Unfortunalty, nobody under the age of 18 is allowed to sign the deed (title).
Related Questions:
Is nearby a process to find out what lenders a mortgage broker uses in need asking them?
not until you close the loan and sorry but a broker does not have to tell you. Why would they, so you can dump them and try to stir straight to the source after the broker...
Answers:
No. They can't offer a legal signature until they are 18. THey could create a trust for their benefit; but at hand is no way a deed of trust can be issued to two minors.
No it its unattainable. They are considered minors and are not of legal age to own any real property. He doesn't want to be responsible along near her if something should happen to the condo. If her name is on the title, he would hold to buy her out.
Would depend on whether within is a mortgage on the condo. If it's paid off, consequently the deed can be under anyone's label, including that of a minor. However, it would have to be set up in a trust. But, if nearby is a mortgage attached to it, I doubt they can do it as most mortgage companies won't allow someone's name to be on a deed that isn't on the loan and I don't see the mortgage company extending credit to a 9 and 11 year infirm.
they are competent to be undersigned to the deed of title. the only kicker is the minor have no legal right to anything until the age of 18, basically it's pointless to do so.
You can put anyone on the deed that you want even if they are a minor BUT afterwards the property can NOT be sold until all people on the creation are 18 years old or older.
Unfortunalty, nobody under the age of 18 is allowed to sign the deed (title).
Related Questions:
Is nearby a process to find out what lenders a mortgage broker uses in need asking them?
not until you close the loan and sorry but a broker does not have to tell you. Why would they, so you can dump them and try to stir straight to the source after the broker...