2 Comments Commercial law, litigation, contracts, IP, property law
bad idea . its great to help out family, but they have a credit card debt and are trying to renegotiate their mortgage payments,nah i would say dont do it. if you can buy your own property do so if you can afford it, something on its own title and try to stay clear of units or townhouses with body corps, rules and qaurterly fees.
I agree, a crazy idea, and you won't be able to do it easily because the mortgage will need to be discharged and a new loan put in place before the ownership changes hands. Should that then happen it is possible that your name will need to be included on their mortgage, because lenders will not mortgage half a house.
Should they then default on their loan repayments it is possible that you may be lumbered with their debts.
Their problem, let them work their way out of it.
MartinO 2012-11-18 19:58:14