My daughter has a car loan in her name, and 1 credit card (no balance). Can I sell the house to her, even though I will be making the payments behind the scenes?
She has no income, since she is a college student. Are there laons she could get with no income documentation?
2006-06-27 02:36:03 · 10 answers · asked by broncoguy75048 2 in Business & Finance ➔ Credit
This will be tough. You can do a loan with no income documents but they are very credit based. Having little credit she probably will not be approved. I am in a similar situation with owning a family members home and it is a bad idea. Relationships get stressed really bad. I would recommend avoiding it. Sell and rent if you have to until you are back together.
2006-06-27 03:45:38 · answer #1 · answered by mkostelnik@sbcglobal.net 2 · 0⤊ 0⤋
Why do you want to do this? I doubt a bank would let her take on the loan without any income or much credit, but you could try to put the house in both of your names. Seems weird to me, though, I guess I just don't know the whole story.
2006-06-27 09:41:23 · answer #2 · answered by Jen 4 · 0⤊ 0⤋
Yes, you can sell your house to any 19 year old as long as they have the cash to pay for it.
If she does not have a job how can she "buy" your house?
By the way, I suggest her to pay her car loan before she applies for a loan.
Once she has a car paid in full she can apply for another credit card and that will increase her credit score. (Just don't use any of the credit cards)
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2006-06-27 18:01:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
What happens to your daughter's credit if you can't make the payment??? That's right, it will be right down the hole, and I'm sure that you being the loving parent that you are would not want to risk your daughter's future in this way.
2006-06-27 12:53:43 · answer #4 · answered by KL 5 · 0⤊ 0⤋
I doubt that a 19 year old can get a mortgage...
2006-06-27 09:40:28 · answer #5 · answered by DesignR 5 · 0⤊ 0⤋
I WOULDN'T DO IT, IF YOU GUYS GOT INTO A FIGHT, SHE COULD LEGALLY EJECT YOU FROM THE HOUSE. EVEN THOUGH YOU ARE MAKING THE PAYMENTS, LEGALLY THE HOUSE WOULD BE IN HER NAME, SHE COULD THEN SELL THE HOUSE AND GIVE YOU NOTHING.
2006-06-27 09:40:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I believe that you are describing a fraudulent transaction, and one lenders will detect in a minute.
2006-06-27 09:40:12 · answer #7 · answered by helixburger 6 · 0⤊ 0⤋
no you cant cause then how would get more money and how will she learn in the real world.
2006-06-27 09:44:07 · answer #8 · answered by m a 1 · 0⤊ 0⤋
i doubt it....i think they will figure it out in a new york second
2006-06-27 11:10:14 · answer #9 · answered by baseballjedi 3 · 0⤊ 0⤋
I don't know, but can you my dad too.
2006-06-27 09:38:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋