Buying With Sister

Expert, localized Los Angeles answers provided by Heather Roy

Buying With Sister
	Hi Edith, I am in the process of buying my first home, and I asked my sister to help me in the mortgage loan because her qualifications are A+ especially her credit score which is 740. She will be the only applicant for this loan and I will take care of the payment and my name will also be in the title. She is living with me right now, so there is no argument about our verbal agreement on doing this transaction. She is separated for three years with her husband who is nowhere to be found and they do not have any legal separation or formal agreement whatsoever. I do not have any budget for her to file the divorce, and somebody is suggesting to do a land trust to protect my interest in buying this property. Can you give me your advice how to go around with this process so we can go ahead and close the transaction next month. I do not want to wait for her to divorce because the seller does not want to change the closing date too far and also the lender might change the interest rate

	Answer : I don’t know what state you’re in, and I don’t know what state your sister’s marriage is in. Please don’t do anything until the two of you discuss the whole thing with a lawyer. There are lots of ways here for both of you to end up in trouble.
	Edith Originally published on December 6, 2006

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