Buying in another name

[vietnamvet]

What is the name of your state?What is the name of your state? Florida

my brother-in-law has had some credit issues in the past and has come into some money recently. he wants to buy a house with about 20% down,and put it in his friends name who has good credit and can get a good interest rate. i don't think this is a good idea, but he'd rather do that than pay a higher interest rate. the higher rate would make the payments unafordable to him. what can he do to insure that the property will still be his if something should happen to his friend? also, can he eventually transfer it into his own name without going through a whole new mortgage application or will that be necessary?
thanking you in advance...

vietnamvet

 

[seniorjudge]

Q: what can he do to insure that the property will still be his if something should happen to his friend?

A: Make sure brother's name is on the deed from the git-go and that the friend's name is nowhere to be found on anything.


Q: also, can he eventually transfer it into his own name without going through a whole new mortgage application or will that be necessary?

A: Generally, a transfer may trigger and due and payable in full clause; your brother, if he got deeded the land later, would have to pay off the friend's mortgage in full.


Tell your brother if he is really that interested in gambling, go to Las Vegas and lose all his dough while having a good time.

 

[BradleyS]

Tell your brother if he is really that interested in gambling, go to Las Vegas and lose all his dough while having a good time.
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That's the best advice I have read all day.