RE Q&A: A mother desires to share title for 1 year and indicator the household more than to him due to the fact she has a stronger credit rating score. Is there a downside?
FORT LAUDERDALE, Fla. – Issue: What are the pitfalls for a mother to use her credit rating to obtain a property for her 30-something son in yet another point out? Both of those of our names would be on the title. He would make the down payment and make the mortgage payments. Just after a year, how would I take away my identify? – Peggy
Remedy: As a parent myself, I fully grasp the urge to aid your boy or girl.
This is a common situation I see in my regulation practice, and sometimes it functions out good. That claimed, it typically turns into a catastrophe for the loved ones member.
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