I know it sounds dumb, but we've been living with my mother in law, and she said we could make an addition to her house, sort of a small apartment, so that we could have our own little place, instead of sharing the kitchen and having only 2 rooms.
I just know it's gonna be expensive. So I was wondering, if the bank will give me and my husband a loan to have this built, even though it is my mother in law's house, and not ours.
Thank you so much!
2007-01-07 14:22:51 · 3 answers · asked by Feed the models! 4 in Business & Finance ➔ Credit
They might give you a personal loan if you qualify, but they aren't going to give a home improvement loan, as the home isn't yours. She would own what you are paying for. The problem is, she has title, if you spend the money, then have a major family fight, she kicks you out, she still owns what you are paying for.
2007-01-07 14:34:27 · answer #1 · answered by Fred C 7 · 0⤊ 0⤋
A bank will not let you take out an equity loan on property that isn't yours. If she would like an addition for whatever reason then she should be the one to take out the loan, if you and your husband plan to live there then maybe make the payments yourself as rent.
2007-01-07 22:42:26 · answer #2 · answered by Paul D 2 · 0⤊ 0⤋
No, your mother in law could get the loan but in order to get a loan on a property you have to be a vested owner on title. She could add you and your spouse to the title and you could get the loan (probably after 6 months of being an "owner") and that would be a possibility.
2007-01-07 22:38:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋