Legal Question in Real Estate Law in California

Re: Lending our names for someone to buy a home paid cash at once

The concern expressed by Mr. Stone is real. All kinds of problems can occur that would reflect badly upon your credit, reputation or personal freedom. On the other hand, there is no law prohibiting nonresident aliens from owning real property in the United States. Buying property might increase your friend's risk of being caught and deported, because the owner's name appears in various public records, but otherwise there is no reason he can't do his own purchase and thus you keep yourself out of hassles, which I see as inevitable, even if they wait 50 years to happen when his executor and yours duke it out over whose heirs are entitled to inherit the house.

Re: Lending our names for someone to buy a home paid cash at once

DO NOT DO IT!!!! LET ME REPEAT, DO NOT DO IT!!!!!! I have seen this exact situation about 20 times in the last year. Bad idea. 1. If they default on the loan, it is your credit that goes in the toilet. 2. Unpaid property taxes are your problem. 3. It will show up in your credit report and count as an obligation against you if you are trying to get a loan. 4. If they do not pay rent or you have a financial issue with the people living in "your house" you would have to evict them which will than cause them to sue you for unjust enrichment. I hate to be cynical, but in this case no good deed will go unpunished. I also think having people that can be deported as paying for a loan you are responsible for paying is also a bad idea. Good luck, and again do not do it. I do not know how to be more clear. Mark.

Re: Lending our names for someone to buy a home paid cash at once

dont do it....

Re: Lending our names for someone to buy a home paid cash at once

Yes, especially after they find the grow house or meth lab under your name.