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would you finance your family members house for free?

If your family member asked you to finance a house for them, but let it still be theirs not yours. Not rent it from you, just help them out would you do it?? They make pmts and dwn pmt but its in your name…

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Answer #1

My guess is they need you because of their Credit condition - I’d say ‘No way’, repair, then establish good credit - they are grown-ups ! - you had to work hard for yours, right ? - I think that could really turn into a Giant mess with you left holding the bag and family relations down the tube…I wish you the best, Merry Christmas !!

Answer #2

I would say “No!” That is a prescription for disaster. If anything goes wrong it will rip your family apart. If the person with money can afford it, possibly an interest-free loan, with loan papers and the house as colateral. Get a lawyer involved. That way if things do go wrong, there will be solutions already in place. Co-signing is also an option, but realize that if the borrower defaults on the loan, the co-signer is liable for the full cost of the loan.

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