Is this legal? Can I get out of this?

hockeynut

Hopefully, you haven't already bought the house for this person....

Stay away from the deal if you haven't done it already. You are just asking for trouble.

Since your name will be on the mortgage, anything that occurs within the house, or happens to the house, or it's occupants will be your responsibility. No amount of explaining to anyone will change that.

There are plenty of other avenues your "friend" can take to get into a house without involving you.....

jadair130

your lending your name, credit, reputation with lenders just to start.

My father gave me good advise when he said "Never mix friends and money".

I know you want to help - but emotional support is all you can "afford" to give...please be smart....YOU are liable

Your Friendly Jewish Accountant

It's called "selling" the house. I would never have done that, you have to pay the taxes yourself.

Sam

I would not risk that kind of venture.

samantha_2128

I would get a lawyer before signing anything, you may be setting yourself up for some SERIOUS legal problems.

Rachel

No because if he doesnt pay, you are responsible for it.

AliLa

Do not put your name on anything. If he walks away, YOU are liable.

mama_sayed

Don't do it. If he defaults on the payments, you will be responsible for the mortgage. By the time you would find out about the default, your credit would already be down the toilet. It's is too risky for you.

Besides, he has already admitted he has no respect for legalities, just by being an illegal.

Sweet Cat

It is legal and it no way out of that at all!

This would not be a wise thing for you to do because legally you will be responsible for the debt of that home, and if that person fail to pay for any reason you are responsible. I would not do this if I were you. The fact that he is illegal complicates it even more. My advise would be - Do not do it- unless you want legal problems, which is sure to come out of a situation like this. Never let anyone use your name depending on them to correct it later because you might never be released from this debt.

wizjp

Pass. YOu are at worst involved in a money laundering scheme; and aiding and abetting illegal immigration scams.

If you are putting the house and the mortgage in your name and he defaults, you are on the hook for a mortgage you may not be able to pay off.

If he were legit, he could certainly have you quit claim your interest in the house to someone; but you won't be released from the mortgage.

Otherwise; it's called a straw man sale. YOu sell the house to him. He gets a mortgage and pays off your mortgage. He owns house and mortgage.

Just say no

Physics4Rich

Nope. Don't do it. Once your names on the paper work, there is NO guarantee that some one will stop by to buy the title from you.

regerugged

Don't do it. If someone is illegal, he has no business trying to buy a house. If you co-sign for a mortgage, and if he defaults, you are on the hook for making payments.

The Sheriff is a-near!

You aren't just lending you name, you're lending your credit and responsibility if "La Migra" finds your friend - YOU will be the one the mortgage company goes after. Any late payments or other problems will be reported on YOUR credit, not his.

George S

You are not just lending your name. You are taking responsibility for the house. DON'T DO IT? It smells like a scam, a set up. Bail now!

themrmike

not a good plan SAM not a good plan technically anyone involved at any level of illegal enterprise is considered a co-conspirator and subject to the same laws as if you were doing it for yourself. tmm

sguerra2005

I work at a law firm and I got a phone call about this not long ago. Apparently it's a scam going on and a lot of people have been hooked. Don't do it! You are not just lending your name, you're lending your credit.
P.S. I'm not an attorney.

Erwin B

No!!!!!!!!!!!!!

Roc

STAY CLEAR. Do not lend your name. Look at it this way: what is it that will prevent this person from not paying their mortgage, living in the house care-free, maybe even disappearing at some point, and having you held responsible for defaulting on payment? What would you have to protect yourself against it? Nothing at all. You're not gonna tell a judge you were just lending your name, b/c it's illegal. Don't go and put your identity and life on the line just to help someone out.

Plus this promise of someone in the future taking over sounds like they're trying to gain your trust somehow, that makes it even more shady.

That person might offer you to make a copy of their ID, just in case. Beware: people have fake IDs and fake everything. Do not accept any of it. You just have so much to lose!

KevinM

Not only is this a mess, it might be illegal (as a fraud). I'd stay clear of it.

Oh Dammnâ™¥ Its tianna <3

emm idk

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