QUESTION
I will take 4000.00 bank loan under my name for my friend, because of her bad credit score. How can I protect myself and make her to pay the loan?
Asked on May 24th, 2014 on Contracts - New Jersey
More details to this question:
I want to make her to take all responsibilities for paying off the loan. It is for her use only I am not going to get anything out of it. Basically, loan will be under my name, but she will be paying it off. What kind of contract do we have to get in to? and how can I protect myself to do not become responsible for paying it off? please help, thanks a lot
1 ANSWER
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Is it for the purchase of a home? If so, and you are the mortgagor, you will also be on the deed which will provide some protection. You also may be able to protect yourself with a Note or second mortgage depending on the circumstances. You should contact a real estate attorney and review the specifics.
Answered on May 26th, 2014 at 4:19 PM