My husband and I want to help our son buy a piece of property. He is a part time college instructor at three colleges. He will not qualify for a loan. We have no problem qualifying, but would like to have his name on the deed or title, so that he can have some kind of tax advantage, as he will be making the payment. Is this possible? Donna in California
Country relating to Question: United States
State (if USA): California
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.It is possible, at least in theory.The way would be to work with a lender who will allow you to act as "guarantor" for the Loan. This is when you "co-sign" for the loan and agree to be held responsible if the primary borrower can not make the payments.The tough part may be finding a bank to make this loan.7 years ago? NO problem. Banks were bending over backwards to lende money to folks with no qualifications...they would have been happy to sign you up.The problem is that now that the landscape has changed, lenders are much more stringent on how they lend money. SO you will likely need to contact a few different lenders to make it happenIt certainly is possible...though perhaps difficult today to find the lender willing to accommodate
Law Degree, 12 Years of trial experience
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