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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
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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 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... 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
 
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