QUESTION
could a notary contract be vaild for credit record?
Asked on May 06th, 2013 on General Practice - Florida
More details to this question:
My ex-father in-law and I went in together to purchase a used truck. I had great credit and he had no credit, so the truck is in my name but he pays the down payment and have been paying the monthly payments over a year now. I am planning to go to college and going to file for financial aid that truck would be an liability when they check my report. He was told that if he gets a notary stating what is going that i dont pay for anything just my credit. That I could send the notary with my application and I was wondering if that is true.
1 ANSWER
I think you may have misunderstood. A notary public is a person who has been authorized by law to attest to the authenticity of a signature. You can't "send a notary". Moreover, the notary in no way vouches for the truth of the statements contained in a given document, he or she simply vouches that the signature on the document is genuine. What you may have been told that if you and your ex-father-in-law sign statements, and have your signatures notarized, swearing that the truck, although it is in your name, is not really your asset, the college or other financial aid provider may not include the truck as one of your assets when considering your financial aid application. I doubt that this is true; the truck is still titled in your name and, should your ex-father-in-law ever fail to make the required payments on it, you would be responsible for them. Still, it may be worth a shot.
Answered on May 07th, 2013 at 2:35 PM