Is it good to help a friend to put down my name under the title of the house?

Question

I have a friend, and they ask me to put down the name on the title of their house. They do have the second loan. The reason they ask is b/c they are on bank ruptcy and they don't want to lose their house. Is that a good things for me to do that and if i do what do i need to know and do? Thank you.

Answer 1

Negative.... It's never a good idea. All that will happen is strained friendships. Tell your friend to have some patience and get their life straight before they go trying to borrow money.

Answer 2

You have heard all the emotional answers.  Now,  This is a strategy to use the BK process to stave off foreclosure.

See, if you are on title, then the bank cannot foreclose easily... as long as you are not in bankrupcy as well!!  Once they negate you as deed holder then your friend puts another person on and so on...

How good of a friend is this?  Some people would never help anyone like this and others would go to the edge for their friends and family.  Good luck

Answer 3

Really bad idea.  Listen to everyone in this forum.

Answer 4

No.  They need to get their credit straight and handle their own financial decisions.  A 30 year loan is not something to get involved with.  And, just because you say no, does not make you a good friend.  It makes you a smart friend.

Answer 5

No, you risk losing your house when you co-sign.  The house may sell for a lot less than what they paid a couple of years ago compared to what it would fetch in today's market and as co-signer you would be on the hook for $30,000 to $60,000 and I think that could be low if they bought at the top of the boom.

They are bankrupt.  I know it's hard to see a friend lose a house, but  the second you co-sign, they could default in a month and the bank can call the whole loan\mortgage because they are bankrupt. If the bank is in trouble and needs capital, they would foreclose in a heartbeat.

The Bible even warns against it in Proverbs.

Answer 6

Don't do it.

They may be mad, but the last thing you need is for someone else to potentially s***w up your credit.