2007-04-30 18:06:44 · 11 answers · asked by snhoque 1 in Family & Relationships ➔ Other - Family & Relationships
Just say, "No." That's all. It's a big risk. If he understands that it's a big risk, he'll understand why you're not doing it. If he doesn't think it's a big risk, he probably won't think it's all that important to pay you back for it either. (People change when money's involved.) Just tell him you don't feel comfortable doing that, but that you'll help him find ways to be able to afford his own place.
2007-04-30 18:41:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Dont do it!!!!! ask the question why cant he do it on his own now? If he doesnt make the payments it is you who ends up with the bad credit rating. As an ex Real Estate Agent, I could tell you many horror stories that started out as good intentions. I would tell him if he really was a friend he would not put you in this position, be honest, tell him you are not comfortable with the idea. Also if it is the first time you have borrowed for a property, you will be using up YOUR 1st home buyers deposit.
2007-04-30 18:42:51 · answer #2 · answered by dogluvngranny 1 · 0⤊ 0⤋
A couple of things come to mind for me. First, what's wrong with his credit? These days all you need is a pulse, a down payment and income to qualify for a home loan.
Second, what he's proposing is illegal. Buying a home using someone else's credit is called a straw purchase, and lenders won't allow it. You'd have to say on the loan application that you intend to occupy that house and if you did that without any intention of living there, that would be considered fraud and you can be prosecuted. And lastly, there is no way to 'transfer' to a 'friend' without him having to refinance.
Let's pretend for a minute that it is possible for you to do that legally. You have to qualify on your income for the payment, the down payment and closing costs have to come from your bank account, and then later, when you want to buy a house of your own, you'll have to qualify for the new payment in addition to his payment.
What you could do is, buy a house for him to live in, and make him your tenant. Be sure to get a security deposit and get familiar with your landlord/tenant laws in your area.
Or tell him to find another sucker.
2007-04-30 18:21:17 · answer #3 · answered by macaca 2 · 0⤊ 0⤋
Hell no! You need to keep your good credit for yourself - what happens if you need it in an emergency and it's all tried up in HIS house. Just tell him! What a jerk for even asking you!!
2007-04-30 18:12:05 · answer #4 · answered by njgrl622 4 · 0⤊ 0⤋
Tell him that friendships can be destroyed by transactions such as that, and that even though you are great friends, you are not comfortable with messing with a good thing.
2007-04-30 18:11:12 · answer #5 · answered by Trixie 2 · 0⤊ 0⤋
Two words.
Hell No.
IF i were you i would get new friends. Hes trying to scam you somehow. Somethings just not right about that.
2007-04-30 18:39:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
tell him at this point in your life you need to keep your finances open and available. Also you dont want anything to come between your friendship,
2007-04-30 18:11:57 · answer #7 · answered by Reta, Bears mommy 4 · 0⤊ 0⤋
tell him that you wouldn't feel comfortable doing that, because if things don't go as planned you don't want it to ruin your friendship
2007-04-30 18:10:27 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Tell your friend to fck off!
2007-05-01 04:00:05 · answer #9 · answered by Little Minx 4 · 0⤊ 0⤋
buy him a house?! on credit?! tell him he is f%ckin crazy!
2007-04-30 18:09:59 · answer #10 · answered by absolutroot 3 · 1⤊ 0⤋