is this a good idea?

Question

my mother in law wants to put her house under my name and make payments every month on the mortgage. the reason is, the house is still under the guy shes paying and she cant put the name under hers for certain reasons. she has the money from her brother to pay it off, but hes in mexico and getting that amount of money transfer bank to bank might seem suspecious. so she will contiun making the payments unles she finds a way to transfer the money. will this be good for my credit? is it a bad idea? why? please help. i want to help my mother in law, but dont want to ruin me if its going to! thanks

Answer 1

First flag house is under guy she is paying - not hers
Next flag cannot put under her name for certain reasons
Third flag brother has the money but transfer of money might look suspicious
No logic, no reason you are being set up as a fall guy/girl. Your about to be taken, for allot, and ruin your credit. If a deal sounds to good to be true, and has allot of BS connected with it you are about to get screwed. Too many excuses that do not add up. Run away from this

Answer 2

This is not a good idea. If she does not make a payment, or is frequently late on payments, it will damage your credit score and not hers.

If she signs the house over to you, YOU are responsible for everything that that property needs, including mortgage payments, taxes and insurance. If your mother-in-law ever wants to just leave, she can, and all of the problems are yours.

So dont do it.

Answer 3

Chances are you posted this question to reaffirm what you already suspect. THIS IS A VERY, VERY BAD IDEA. There is a reason that your mother-in-law can't obtain financing on her own. Just think about it. The only way you should move forward with this transaction is to be prepared to pay the mortgage on your own. If you have the means to pay this debt by yourself in the event that she can not, then go for it.

Answer 4

Always always always always a bad idea to put something in your name if you are not the one making the payments on it. I used to work for a bank. I don't know how many times I saw parents, siblings, grandparents, etc. get their credit royally screwed up because the person that was supposed to be making the payments ended up stopping.

You are going to be the one ultimately held responsible for this. If your mother-in-law finds herself in a situation where she cannot make payments, it's not going to affect her credit, it is going to affect yours. So you will either end up making the payments yourself, or having your credit score go to hell in a handbasket. Remember, payments over 30 days late get reported, not just missed payments or defaulting on the loan. So if she makes late payments, that is going to mess up your credit, too. I know you want to help her, and you mean well, but you would be putting yourself in a very precarious position. Don't do it.

Answer 5

One the best thing to do is request for pay off for the loan. Wire/transfer the money to the payee from your mother in laws brothers account. This would avoid the transfer to your account or anyone else.

Answer 6

She’s asking you to be the legally responsible party, so it will be your credit that suffers if she doesn’t pay. Just tell her you don’t like to mix money & family. It’s a recipe for disaster.

Answer 7

Sounds good to me....When has doing business with family ever gone wrong...