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Friend's Proposal |
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a friend of my husbands who he grew up with but has not seen in the past 5 years asked him to get involved in some realestate stuff. his friend says he owns 7 homes already along with 3 other people. he wants us to put one of his partners name on the deed to our house so we can pull one hundred thousand dollars in equity out of our house . we have poor credit due to an arm mortgage that we currently have and having difficulty paying. we would then invest 20 percent of that in the business rent out our current home and buy another with the rest . i already looked up the company and can find no info on it . my question is what should my concerns be by putting his name on the deed? and does his name have to be on the deed to refinance? |
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Don't do a thing, and don't let your husband do a thing, until you have taken all the papers you have about this complicated proposal to your own lawyer. I can't figure out what is being suggested, but it sounds like real trouble and you're right to be concerned. |
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Edith
Originally published on October 25, 2007 |
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