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... More
Answered By: Mary B - 9/19/2007
Additional Answers (10)
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... More
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... More
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... More
Answered By: sillygirl - 9/19/2007
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... More
Answered By: Marcia F - 9/26/2007
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... More
Answered By: Life is what it is! :))))))))) - 9/27/2007
This sounds like a legal 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... More
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... More
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... More
Answered By: charlie h - 9/27/2007
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Click. Search. Apply. Free!
Jobs hiring near your local area. Part-time, Full-time, Work at home.
Sobre 287 Trabajos en tu area. $15-87/hora - Aplica Ahora.

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

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 Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-317