Can I add a family friend on title at closing even if they are not on the mortgage loan or purchase contract?

	Can I add a family friend on title at closing even if they are not on the mortgage loan or purchase contract? I would like to add the friend because they are helping with half the down payment and will be living in the unpermitted cottage (which will help with the mortgage payment). However the loan company does not know that because he's in between jobs and not working right now but has a lot of cash. Would I be able to add him on title at closing? If not then should I add him later? How much will that cost me? Thank you in advance. Asked By: Happy - 9/19/2007

Best Answer - Chosen by Asker
You don't have to hide it, and you can't anyway. It will be on the final title policy that they send back to the lender. I think it is a MISTAKE to put your family friend on title, because then you won't be able to do anything with the property, including refinancing it or selling it, without his signature, and that can give him other legal entitlements to which he should not receive. Have him "gift" you the down payment, and then post closing, have him do a private mortgage for the amount of the down payment. Yes, that will put him in second lien position, but it's better than him being part-owner. No way in heck would I put his name on as an owner. PS: The above poster is incorrect. There is no law anywhere in any state that says who you can receive financial assistance from. That is a LENDER policy, not a law. Mortgage company's do not get 'automatically' notified of subsequent liens..ever...it doesn't matter if they are in first lien position. No county has such a system in place. Also, adding a name doesn't delay the closing as it can be done in 5 minutes. Who comes up with these made-up idea? Answered By: Expert Realtor - 9/19/2007

Additional Answers ()

Do you really want to put him on title? And if you really do and you qualify for the loan by yourself he can just be added to the loan with you, he can just say he does not have a job. Unless he has bad credit then you wont want to add him. Funny thing here is you do not state you are having a problem with getting a loan but a lot of answers are people trying to give you a loan. hmmm! Dont fall for any scams sounds like you are already in the right direction. Answered By: Life is what it is! :))))))))) - 9/27/2007

This sounds like a legal question...my disclaimer would be to seek legal advice from a qualified real estate attorney. I know you can add anyone on the title...with your situation, I would wait until after closing. The cost would be just the recording fees, ask your escrow/title officer for the amount. Answered By: Big Al - 9/27/2007

Wow, I wish I had friends like you! I wouldn't put your friend on title, because you have no idea what can happen in the future. Your friend has no legal obligation to help you with your mortgage payment, but he will be part owner if you put him on title. That means that you can't sell or refinance without his signature, even if he never gives you another cent. What if the cash runs out? If you do decide to add him, have an attorney draw up a contract that will protect you. It will be worth the money. You can call any title company for their specific fees to add him. A title company will be able to answer all of your questions. Mandy McManus-GFMortgage-866-334-0566 x12 TXL#61253 Answered By: Mandy M - 9/27/2007

This is a legal question that should be addressed by a Florida Attorney. I am not an attorney and can not give you legal advise. My answer below is not in any way legal advise, please consult with an attorney. My answer to your question: You should ask permission to the seller to add your friend to the contract and add him on the title before you close on the property and disclose everything to the lender. Your friend will not be required to be added to the loan but can be added to the title. There is a clause in the mortgage called the due on sale clause, if title is transfered after the closing without the lenders permission they may accelerate the payment of the entire loan and demand it paid in full within 30 days. Do you have a title company already working on the file? There are several ways you can take title, Please call us today for any other questions you may have. Julia Argamin Master Title Company, Inc. 16830 Collins Avenue Sunny Isles Beach, FL 33160 (Tel) 305-919-9921 www.mastertitlecompany.com Answered By: Enrique S - 9/27/2007

Yes you can, in a very similar situation between me and my sister, she had the stellar credit so the loan is completely in her name alone, we split the down payment and I pay the entire mortgage payment each month . the title has both of our names on it , its a condo and I'm on the board so they recognize me as the owner. eventually i plan on paying her back her portion of the down payment!nice sister ! we have different last names so the fact that we are related has no relevance so it could be a family friend as in your situation i would imagine Answered By: charlie h - 9/27/2007

I don't know all the legal ramifications of titles and loans but I think it would be a mistake to add someone to the title. Like one said, you would have to have his signature to do anything with the property and if you had a disagreement, that could be very difficult.My theory is that friends,family and money do not mix. Answered By: Marcia F - 9/26/2007

After your closing you can do a quit claim deed that will change the title from just you to you and your family friend. The cost will be determined on the value of the property exchanged (some counties will allow a $1 exchange of deed). The deed transfer would probably cost about $120 approximately. Answered By: m27jean - 9/19/2007

Probably not because the paperwork will have already been done by the title company, adding it last minute will delay closing. You could call your title company and speak with them to find out, or you might just want to deed 1/2 of the property over to him if that's what you want to do. I understand he's helping with the downpayment but do you really want him to have power of your property? What happens if you two have a falling out?? He could force you to sell your property to pay him off. My ex boyfriend wanted 1/2 interest in my condo when we moved into it, my father freaked out and said no way. He said that if things didn't work out then when we broke up he could force me out of my own home and force me to sell it to pay him off for his 1/2 it would have been a real mess and I'm glad I never did it, hence I said EX boyfriend. Think about it before doing it. If your friend wants to make sure you pay him back, Take out a second mortgage for that amount to your friend, it will give him legal rights if you fail to pay and if you sell the property due to foreclosure he will be listed as next to be paid after the bank so he'll be guaranteed the money back. I was asked to do that when I sold my house, the Buyer couldn't come up with the final $10,000 I was asked if I would give her a second mortgage and she would make payments to me on a monthly basis as if I was the bank. the paperwork for the second mortgage would be all filed along with the title and closing paperwork so it would be on record, if she ever defaulted I could lien her for the money. I chose not to go thru with it since I wanted nothing more to do with the property once I sold it. I hope that made sense, try that instead rather than giving him interest in your home. Good luck Answered By: hj_thorne - 9/19/2007

Number 1: if you are getting funds from a friend to close and not disclosing it to your lender you are committing a Federal offense called loan fraud. Not a good idea. If it gets caught on audit (and with the implosions in the mortgage industry there are a lot more files being audited) you'll not only lose the house you are subject to a large fine and possibly even jail time. If you add him to the title you have all of the responsibility for paying the mortgage and if you default alllhe had is a position on the title and he cannotassume you r loan and make payments because most loans are not assumable so to protect his interest he'd have to get a new loan for the home. Also, if you wanted to sell it you couldn't do so if he wouldn't sign the listing and sales agreement. An earlier responder said he could make you sell the property. That is wrong. He has no power whatsoever to make you do anything. All he'd have is a position on the thtile with no evidence of a debt owed to him. This leaves you both in a potentially tough situation and is a recipe for disaster. Think again. Number 2: you can add anyone to the title you want to after the loan closes. (This may be where you get caught as mortgage holders may request notification of secured title changes just as they may request to be notified of subsequent liens). I imagine a lot more of them will be taking advantage of those options now. legally, you're only able to obtain financial assistance from someone who is not either a blood relative or an approved 501C3 charitable home buyer assistance program. Source(s): 20+ years as a direct mortgage lender Answered By: mazziatplay - 9/19/2007

I getting the idea that the file is going through a escrow company. Once you signed your loan document and it get funded and the file is recorded and the money is disbursed from escrow. Go back to the escrow company and ask them to add your friend to title. He not on the loan but he in title. This is not illegal. The escrow company would probably charge you for drawing the deed (free-$100.00) and you'll have to take it to the county recorder and they will charge you a few bucks to record it. Answered By: sillygirl - 9/19/2007

Submit your answer or comment to this question

Other Career Questions

	Buying Real Estate and Renting it out to pay for mortgage? Hello, I'm interested in buying a 2 BR and renting out one or two of the bedrooms. I have 50K saved up but I don't make any real income currently. However, I can easily get a job that makes 50K if I have to (but would rather not). I would like to buy some real estate and just rent it out to pay for the place. Is this possible? 4 answers - Asked By: xoxohthdotcom - 4/21/2008

	What is the first step in real estate to make money ? i have heard of different strategies but? I don't know where to begin with. Is it like buying a house and then selling it, or renting it, or a condo or doing renovation work or what ? Location is san francisco bay area Imahine you have a full time job and you can set $ 2000 aside every month. What can you do with that money in real estate ? Please note my question is about generating revenue not getting a house for myself. 3 answers - Asked By: Blue L - 11/25/2009

	Do real estate agents help you find homes to rent? If so what kind of fees do they charge? I'm getting a new job soon and currently live in a house, but I would like to rent a house where I move to. A lot of homeowners are renting now in the market, but do brokers or real estate agents help you find homes to rent? I've never heard of that, but maybe they do? 5 answers - Asked By: Leigh88 - 2/26/2009


Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo! Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Questions

	Is this normal for an interviewer to do this? So today I went in for an interview and I was going in for the 2nd interview by the head chief executive. now this is where it got weird, so she asked me about my previous jobs and said how much she liked that product over that product. then she started talking about her daughter? an her divorce ...then how she didn't finish college because she was making more money doing what she did for this company ... then she talked about how her teenage daughter is a handful... I just played it cool thinking she was using some sort of psychology thing to trick me into saying something stupid. the interview ended and she seemed happy an I was escorted to the door... now I'm freaking confused? is this normal behavior for an executive? like it felt like she was going to burst into tears at one point and tell me her life problems... is this normal? was she trying to see how I react or something? 6 answers - Asked By: Clone - 11/7/2012

	How do I get a job with Dodgy work history and no experience? Basically- no degree, although I have tried completing one in the past and stopped because of physical and mental health issues which were overwhelming to deal with along with going to classes full time. I'm not stupid and I am quite articulate. I am 23 and have only worked for about two years retail in high school and stopped working to go to university. I worked a few months in 2010 retail after I dropped out but it was only a seasonal position, and the only reason why I have not been able to constantly work is because of mental health issues. I had also tried going back to community college during my free time since i left university in 2008/9 and I had panic attacks while in community college, which made my anxiety worse from then on. Well recently I met a good doctor and he prescribed me some meds that are stabilizing my moods and I feel the best I've felt in years, and I'm ready to work. Thing is, I don't know how to get a job now since I've spent literally years being depressed and anxious doing nothing. I don't really have anything to put on my resume, and I never finished my AA degree either. All I've done is cashiering and although I do the job well and I get promoted easily when I do these jobs because I'm a hard worker and I try to go above and beyond what they ask of me,which is the attitude I have no matter what kind of work I'm doing as long as I'm getting paid. But I hate cashiering because it's too easy and I want a job that is more interesting. Any suggestions for me on how to get a job that is NOT Retail with the type of background I have right now? I also realize I have to go to college to get certain types of jobs, I am talking about what I can do right here right now. 1 answer - Asked By: Alex Prieto - 10/14/2012

	Why honesty, hard work and dedication have no place at work? Recently I have overlooked for a project at work and I am unable to accept it why? I am hard working, dedicated, maintain a very professional decorum, very cordial with my colleagues and bosses, give respect to one and all. Still people who take the p***, argue with managers, gossip mongers have been selected for some very responsible positions at work. I seriously can't get my head around it why, why unprofessional people who have no work ethics being selected over me, whereas I have a track record of excellent performance and never shy away from any work my manager ask me to do? I am at my lowest point and not getting hold of my manager to ask the question why not me, why them who can't even bother? I am feeling like a complete loser, giving years to this place, building my performance, trust and this is how I get rewarded. Why my life is so shit, anything I wish for turns to dust? 1 answer - Asked By: network7 - 11/6/2012

	What do you say when they ask what you want to be paid? ? Wen you apply at a job and they ask how mch you want as a salary what do you say? 2 answers - Asked By: Colette - 11/24/2011

	I have applied for over 100 jobs I have gotten no calls for a job interview, what can i do? As stated in my question I've applied for multiple jobs and gotten no job interview, you name a place I've applied there. I've said i will work ridiculous hours from like 12am to 5am and nothing. I've said I am willing to work weekends public holidays everything and I have gotten nothing back I am so desperate for money it's not funny. 9 answers - Asked By: Jamie - 1/9/2012

	What to wear to a job interview VS a career fair? So I have a nice white button up shirt, business skirt and pants, and a suit jacket. I'm applying for a software development job and I'm very short and can look young so I'm trying to look adult, yet professional. I'm also attractive so I'm trying not to look too sexy. For the career fair I'm thinking of wearing just my nice shirt and a skirt with low heels. My reasoning being it's approachable and attractive without going overboard since the career fair hosts are mostly younger male recent grads. I want to be remembered but not intimidating. For my interviews I was thinking pants, suit jacket (power suit). My reasoning being it'll be older execs and HR people (mostly women) so less sexy with the pants but more powerful with the suit jacket. What do you think?! 2 answers - Asked By: Beast - 9/23/2012

	What is NOC Engineer ?. What are his responcibilites ? 1 answer - Asked By: vishal - 2/23/2006

	How can l find a job in the pharmacitical field as a sales and marketing manager,in south africa? L want to study medicine and work as a doctor but l am limited due to luck of required monyes. however l swtched on to anther career but still within my career interests as a care giver, but this is somthing to do with sales and marketing in the pharmcitical industry. 2 answers - Asked By: tonnydanabwembya - 12/24/2005

	What questions should I ask at a job interview for a healthcare recruiter position? I have an interview tomorrow with a healthcare recruiting firm and I want to have a few good questions to ask about the job/industry, but it will be a new field for me and I'm not sure what to ask about. Any suggestions? 1 answer - Asked By: stephinrado - 5/8/2006

	I want to become an events/party planner. Does anyone know how I would begin my own business in this field? I am in the process of planning my own wedding and I am having a fantastic time doing so. I have always enjoyed planning things: group vacations for my friends and I, road trips, etc... I could be described as a slight control freak and I am a perfectionist. I know I would exceed, and enjoy my career, if I were to make this a possibility. How do I do it? How do I get my name out there? How much do event planners charge for their services? I have a lot of questions, and hope that people who are self employed would be able to give me some pointers on getting my business up and running. Thank You in advance for your time and help. 2 answers - Asked By: Careerdriven - 4/24/2006

	Job description of supply and logistics manager? I am applying for a job of supply and logistics manager so I need to know more about the this job 1 answer - Asked By: waelasfour - 6/19/2006

	I am a student who is working at Deloitte during this summer. What is the dress code during the summer? Being a student my budget is limited so any help regarding specific retail outlets to go to would be very helpful. I am working in downtown toronto for Deloitte (accounting firm) and the summers are very hot here in Canada. Any specific advice on what clothing items this MALE student should wear to work would be helpful. The dress code is "business casual". As if any student knows what that means. 2 answers - Asked By: kamol_yason - 5/3/2006

	What is the difference between a nurse practitioner and an ARNP? Is there any difference between a "nurse practitioner" and an "advanced registered nurse practitioner"? 1 answer - Asked By: lucysmom - 3/27/2006

	Debenhams job application/interview help? I'm applying online for a job at Debenhams. It's just a temporary part time job but I have no previous retail experience, just in customer service, and I am finding some of the questions rather difficult. Our commitment to training and development encourages our people to grow their futures with us. If successful in joining our team, how will you become an expert at what you do? and At Debenhams, our people make all the difference to our customers. If you were a Stock Movement Adviser with us, how would our customers know that you are focused on their individual shopping experience? Any help in answering these questions would be greatly appreciated, many thanks! 1 answer - Asked By: Mac - 9/7/2012

	What does marketing communications means to a manager? 1 answer - Asked By: Gotti girl - 7/23/2006

	Math Teacher? I am going to college in about a year or so and planning on going to school for teaching...I am hoping to be a high school level math teacher and just wondered if you guys knew of any good schools with a good teaching or math program? 3 answers - Asked By: ♥Special K - 8/20/2006

	Where to find Java Mobile Application developer in Singapore ? I am looking for someone (or company) to program a simple (I think) java mobile application, but do not know where to look. Any ideas where to start ? 1 answer - Asked By: ppb - 7/11/2006

	How much does an Electrical Engineer make? I'm thinking of completing an Electrical Engineering degree and was wondering what people are making just out of college and those that have been in the field 5+ yrs. The main careers I am looking at are Design Engineer and Technical Sales Engineering. Any input from people with those jobs would be great! 3 answers - Asked By: MacDadRaj - 3/23/2006

	Why does NCO-RMH in Manila give delayed paychecks to their resigned employees. it's a call center company? I was told by the people in the HR department that our checks have to come from Pensylvannia. Does it normally take that long? I mean more than two months for a paycheck that i worked hard for.? 1 answer - Asked By: nightshades9678 - 8/28/2006

	I want to become an Escrow Officer, does anyone know how to go about it? What kind of training will I need? I know that Escrow is within Title industry in Texas. What would be the best way to get my foot in the door. I am assuming I will have to start as an Escrow assistant and work my way up, but I would really like to find out more about this career path. How does an officer usually get licensed? Are there classes we need to take and exam to take? Any response is appreciated. 2 answers - Asked By: schang25 - 2/10/2006

Monster Communities

Teaching Community: Where teachers meet and learn.
ArtBistro: Create and connect.
Excelle: Networking for the career-minded woman.
Nursing Link: Where nurses call the shots.
More Monster Communities

Monster Partners

Scholarships: Scholarships, financial aid and more ways to pay for school.
Education.org: Find top campus and online degree programs.
Military.com: Military portal for the US Army, Navy, Air Force, Marine Corps and Coast Guard.
Financial Aid: Scholarships & financial aid.
Staffing for Government Jobs: Staffing and hiring solutions for federal government agency jobs.
More Monster Partners

Job Hunt Strategy

Six Ways to Make a Recruiter Hate You

If you want to blow your chances with recruiters -- and, by extension, with the companies they work for -- here are six perfect ways to do so.

Resumes & Cover Letters

Rev Up Your Resume to Relocate

Hoping to relocate? Get the ball rolling on landing the right job in the right location with these expert resume and cover letter tips.

Interviewing

100 Potential Interview Questions

Interview questions can run the gamut. You probably won't face all 100 of these, but you should still be prepared to answer at least some of them.

Salary & Benefits

10 Questions to Ask When Negotiating Salary

Most of us aren't natural negotiators, but asking these 10 questions during salary negotiations can help you get everything you deserve.

Attracting Candidates

Facebook for Employers: Make Friends, Not Fans

Recruiting? Go where the talent is. See why recruiters have befriended social networks.

Employee Sourcing

Employment Index

November Monster Employment Index Grows 13% Year-Over-Year, Tenth Consecutive Month of Positive Annual Growth.

Interviewing Candidates

Improving Interview Skills: Learn from the Experts

What’s the key to a great interview? According to experts: Practice, practice, practice.

Workforce Planning

Enhance your Small Business Marketing Strategy with Social Media

Social media. It’s everywhere. But how can it help you? Learn how to utilize social media even monetize it.

For Seekers

Campus and Online Degrees: Advance your career and earn more with an online degree.
Free Salary Wizard: What are you worth? Find out and negotiate a better salary.
Research Careers: Get information on jobs and career paths to help guide your choices
Questions & Answers: Find answers to all your career related questions -- powered by Yahoo! Answers
Resume Distribution Service: Our distribution service puts your resume right in the hands of recruiters.
Resume Writing Services: Our experts will craft a keyword-rich resume that stands out in the crowd.
More Career Resources

For Employers

Career Ad Network: Target your job posting to more candidates on thousands of websites.
Hire Right Background Checks: Explore our background check packages to improve the quality of your hires.
Hiring Home Page: Find the best candidates for your business with Monster hiring solutions.
Job Postings: Find the right solution for your hiring needs. Starting at $99.
Power Resume Search: Monster's new search technology precisely matches people with your jobs.
Resource Center: Find staffing insights, labor trends, HR best practices and more.
Target Post: Connect with skilled, hourly and administrative candidates for only $99.

Social Media

Jobs on Twitter: Find jobs in your area and industry.
Monster Careers: Tune into our career advice and discussions tackling a wide range of topics and industries.
Monster Corporate & PR: Stay up-to-date on the latest news. Get the 'Who', 'What', 'When', and 'Why' on all things Monster related.
Monster Customer Service: Got a Monster question? We've got the answer. Whether you're a job seeker or employer, we can help you find the answers you need.
Monster for Employers: Find advice on hiring.
Follow Us: Check out our many pages and stay connected with the latest industry news, events, career advice and job openings.

Are You An Employer?