Applying joint loan with relative, commercial prop, How does it affect me?
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 Apr 25 2021, 11:03 AM
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All Stars
14,511 posts Joined: Sep 2017 
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There is no mention on how much he is paying you for the long write up of using your name ? .... Risks versus benefits.
This post has been edited by mini orchard: Apr 25 2021, 11:03 AM |
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Apr 25 2021, 03:36 PM
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14,511 posts Joined: Sep 2017
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QUOTE(roarus @ Apr 25 2021, 03:11 PM) My priority at the moment is finding out legal/tax implications due to default and property sale later, and what measures can be done for protection Nothing. In law, both purchasers and borowers are jointly liable, or severally liable, or jointly and severally liable in the event the property goes under the hammer. If one is just a borrower only, then is just the repayment of the outstanding loan if the foreclosure amount falls short. This post has been edited by mini orchard: Apr 25 2021, 03:39 PM |
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Apr 26 2021, 01:00 PM
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QUOTE(roarus @ Apr 26 2021, 12:05 PM) Want to clarify, for this "first joint" commercial property also affects it? If you take 1 mil loan to purchase the join property, how much more will you able to loan for a residential property base on your current total monthly income. I thought only residential property will be taken into account Even if you qualify for 100% residential loan, your 'income' may not cover the monthly repayment required by banks. Bank is not interested who pays for the commercial loan even if you are not paying. As long you are the borrower, the monthly repayment will be 'deducted' from your current monthly salary figure to arrive at the 'nett income. |
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