Posted on: 13th Apr, 2008 07:59 am
I have a step son trying to buy his grandfathers house. The loan company said they could loan to him because they both have the same name. where is that law?
It's not a law...
I'm assuming the loan was approved and the guidelines that would be followed are "gift of equity" guidelines. It allows family members to "gift equity"
I'm assuming the loan was approved and the guidelines that would be followed are "gift of equity" guidelines. It allows family members to "gift equity"
the loan hasnt been approved, this is supposedly a Texas law, i just cant find it.
Even i'm not aware about such a law in Texas. Is the company willing to offer loan to the grandfather or the step son and what's a name got to with this! what matters is how's the credit and financial situation of the borrowers and whether he will be afford it.
Hi ricky,
Welcome back.
I have not heard anything like this. I suggest you to contact with an attorney or shop around for other lenders.
Best of luck,
Larry
Welcome back.
I have not heard anything like this. I suggest you to contact with an attorney or shop around for other lenders.
Best of luck,
Larry
larry's last comment is apropos. your stepson ought to seek out another lender. the commonality of a name ought to have nothing to do with the approval or rejection of a loan request.
if there is such a law, it needs to be repealed right away.
if there is such a law, it needs to be repealed right away.
Hi,
There is nothing to do with a name in getting a loan. As per as my knowledge is concerned, to get a loan the lender will first check the credit score, source of income and the credit history of the person. If the person qualifies for the loan then only the lender will provide the loan. If your step son wants a loan, tell him to search for a good lender and check the interest rate, payment plan, and if it suits him then he can go for it.
There is nothing to do with a name in getting a loan. As per as my knowledge is concerned, to get a loan the lender will first check the credit score, source of income and the credit history of the person. If the person qualifies for the loan then only the lender will provide the loan. If your step son wants a loan, tell him to search for a good lender and check the interest rate, payment plan, and if it suits him then he can go for it.
wow...just thismuch
shy of 25 months later.
shy of 25 months later.
Just saw this thread....."apropos" - wow did you swallow a dictionary or something gmakerley? I've got a decent vocab and I've never heard that one before.
Lending on the basis on a name seems like something a banker might do at the end of a three day bender, not something a legislator would pass into law. Name, genetic connection or any other similar factors just shouldn't matter. Do they change your debt servicing capaity? increase your equity in the property or improve your credit score? If not then I don't see how they are in any way relevant to your suitability for a loan.
on the other hand, if for some bizare reason this is legitimate, please posta list of wealthy peoples names here so we can all change our names and increase our borrowing capacity!
Lending on the basis on a name seems like something a banker might do at the end of a three day bender, not something a legislator would pass into law. Name, genetic connection or any other similar factors just shouldn't matter. Do they change your debt servicing capaity? increase your equity in the property or improve your credit score? If not then I don't see how they are in any way relevant to your suitability for a loan.
on the other hand, if for some bizare reason this is legitimate, please posta list of wealthy peoples names here so we can all change our names and increase our borrowing capacity!
I'm just trying to rise above the crowd after all. And, no, I haven't swallowed a dictionary, though I have gone on record as having recommended that people read one for their own edification.
I can think of some rich folk whose name I wouldn't want to share, though. But if it'll get me some substantial money, maybe I could live with it.
I can think of some rich folk whose name I wouldn't want to share, though. But if it'll get me some substantial money, maybe I could live with it.