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Tenant With Bad Credit |
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I have a rental house in Ga that I got a substantial debt on through a line of Credit, However I still have 30,000.00 in equity. My tenant wants to buy the house but she can't get traditional financing due to bad credit due to her x. Could I finance it for her without jeopardizing my loan at the bank? |
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If there's a change in ownership, your lender has the right to call the whole debt in immediately and probably will. It's usually not a good idea to finance yourself unless the buyer has very good credit. In this case you have some idea about how conscientious she is about paying her rent on time, so perhaps you know whether it's worth taking the risk to lend someone that much money. But I believe you'd have to pay off your loan. |
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Edith
Originally published on April 30, 2008 |
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