He now wants to put his girlfriend on the title, but is afraid that her bad credit will jack his payments up or something is this true or would it be safe to put her on with no problems?
2006-11-02 04:49:24 · 2 answers · asked by MOVING 5 in Business & Finance ➔ Renting & Real Estate
He actually took a loan from a cc or something to do this he has great credit.
2006-11-02 04:59:07 · update #1
A trailer if not attached to the land is (at least in my state) considered like a car. It it personal property, not real property. It will make no difference if her name is on the title as far as his credit is concerned. It will matter if they ever break up, since he will have to give her half.
PS. As I think more about this, the only problem I can see is that the holder of the note might have some clause about transfering title before the loan is paid off. Read the contract first. But as long as she is not on the note, it will not affect his credit. I would not put her on the note. But again look at the contract.
2006-11-02 04:56:33 · answer #1 · answered by tonks_op 7 · 0⤊ 0⤋
It shouldn't change the payments if he is not refinancing. He should contact the lender that it is financed through and find out what their requirements are for adding an additional signer to the note.
2006-11-02 04:57:05 · answer #2 · answered by dph 4 · 0⤊ 0⤋