Home Buying in Florida>Question Details

Elainecos, Home Buyer in Zanesville, OH

I was going to finance a home for my daughter and son-in-law; I buy the house and they pay me as they would a bank.

Asked by Elainecos, Zanesville, OH Sat Dec 8, 2012

He has a debt still on county court house books for default on house plus high student loan not paid. Can liens be placed on new house. I want to back out.

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You sound like such a great mother to want and be able to help out your daughter. Like others have stated, if the house is in your name and you can not be liable for his debt. But, I would have some concern about him and your daughter paying you the mortgage every month. I would go over their finances with them first and maybe have your son in law get on track to paying off his debt. You will be helping them out with a new home, but you also need to help them understand the importance of credit and how it effects their lives. I know she probably doesn't want to hear it, but you will not always be around to help your daughter out. Good luck and Happy Holidays!
0 votes Thank Flag Link Sat Dec 8, 2012
sometimes as they say "no good deed go unpunisher".
0 votes Thank Flag Link Sat Dec 8, 2012
Hi Elainecos,

If the house is in your name - and your daughter and son in law are not legal owners (not on Title), their debts cannot be attached to your property.

However, you may want to consult with an Attorney to discuss your arrangement with them as sometimes arrangements with family members can turn into nightmares.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Sat Dec 8, 2012
Elainecos,

We sometimes try to do too much for our children and it can come back to haunt us. Having second thoughts on an arrangement like this is very understandable.

However, if you are the buyer of records and the debt/lien is in your son-in-laws name only, it's unlikely that you would be held responsible because of buying and renting to them. This is only my personal opinion, not to be considered as legal advice. Always consider contacting an attorney for legal information.

Good luck,

Bill
0 votes Thank Flag Link Sat Dec 8, 2012
This is a question for a real estate attorney. If you are not in an executed contract nothing should be binding though.
0 votes Thank Flag Link Sat Dec 8, 2012
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