I'm 20 years old and have fair credit and don't live with my parents. They have terrible credit but live in a house they own worth 140,000 dollars. They are completely broke right now because they make awful financial decisions.
I'm not smart enough to know what to do about this or if there's a big risk, but my mom asked me today if they could put the house in my name and I could take out a loan on it. She said she would pay the monthly payments out of the loan. Is there any safe way to go about this? She said it's not risky at all, but I assume the fear would be that she wouldn't pay the monthly payments and I would end up getting my credit screwed up and owing money.
However, she said I would get 5,000 dollars out of it and that money would really help me moving into my own place.
Submitted August 08, 2018 at 02:39PM by uancmb https://ift.tt/2Omh0hz
