Because of his assets, he in not eligable for a student loan and wants to put his house and car in my name. What are the disadvantages of doing this? How will this affect me negatively in any way?
2006-08-03 08:11:37 · 16 answers · asked by Fleur de Lis 7 in Business & Finance ➔ Personal Finance
Well, it sounds like a clusterf--- to me. If he ends up defaulting, then you are stuck. Also, if something happens to you, then you may not be eligible for services because the assets will be in your name, but you will not be benefiting from them. Also, if you decide to buy a house or car, the bank may decline your loans because your credit will reflect a lot of debt (his). They may tell you that your income to debt ratio is too high and that on paper you cannot afford the loan you are seeking.
He is also in a bad position if you were to decide to screw him over (not that you would).
I would not do it. If he does not qualify for a subsidized student loan, then he needs to play by the rules and get an unsubsidized loan. Almost everyone is eligible for unsubsidized loans. Don't put yourself out there-- haven't you ever watch People's Court or Judge Judy? Most there started out with the best intentions.
2006-08-03 08:19:24 · answer #1 · answered by norsktjej1964 4 · 16⤊ 1⤋
It means YOU will be responsible for the taxes on the house (and the loan payments if it's not paid for) and the tags/taxes on the car (and again the payments if its not paid for).
Don't do it. You'll be constantly stressed. Maybe screwed in the long run. Put it this way: Would you seriously expect someone else to do this for you??? No way! Even if you think he/someone might help you in this way, you'd assume they'd probably say no -- So, it should come as no suprise when you simply say "No."
2006-08-03 15:20:37 · answer #2 · answered by Ann 3 · 0⤊ 0⤋
I would advise you to say no. If he does not pay for the house or the car and defaults on the loan, your name is the one the creditors go after and YOU are responsible for paying the debt NOT HIM. He could leave you in DEEP financial trouble. He is your EX-husband for a reason. Walk away and say no.
2006-08-03 15:16:48 · answer #3 · answered by Paris Flea 3 · 0⤊ 0⤋
well if the assets are paid off then you are only liable for the taxes and insurance....if the assets still hold a note then you may be responsible for the note.....you also have the right to live in the home and drive the car....i wouldnt suggest doing this unless you are going to opt for the latter
2006-08-03 15:16:27 · answer #4 · answered by cookiesmom 7 · 0⤊ 0⤋
Do not do this. This is a very bad idea. If these are in your name and there's an accident of some sort it will be your responsibility. You could lose everything. I think that this sort of thing is illegal anyway and unethical and foolish and you should just say no. If you do decide to do this, call a LAWYER and have everything drawn up legally.
2006-08-03 15:17:43 · answer #5 · answered by Susan G 6 · 0⤊ 0⤋
The disadvantage is that you will have to keep dealing with him. It could be his way of worming his way back into your life. I wouldn't do it because of the reasons why he's your ex-husband.
2006-08-03 15:15:49 · answer #6 · answered by Pam 4 · 0⤊ 0⤋
don't do it! You don't want to be financially tied up in his affairs. Imagine if he stops paying his mortgage, and his car payments, then the financers will come after you and you will lose your shirt! There is no benefit for you! DO NOT DO IT
2006-08-03 15:17:53 · answer #7 · answered by hilarywow 3 · 0⤊ 0⤋
If he is still making payments on the house and car, then he may stop making payments and it will affect your credit.
2006-08-03 15:16:25 · answer #8 · answered by Susan L 7 · 0⤊ 0⤋
Check with an attorney before you agree to anything. In addition to whatever legal implications there may be, you're also tying yourself to your ex. Is that what you want?
2006-08-03 15:15:45 · answer #9 · answered by clarity 7 · 0⤊ 0⤋
U are in the better position to weigh the matter. If its worth the trouble, then go ahead
2006-08-03 15:15:54 · answer #10 · answered by lanks20032003 3 · 0⤊ 0⤋