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Transfer of Ownership

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M

mr.hopefull

Junior Member
What is the name of your state?New York

Technically, I am considered low income. However, I just came into some money and would like to invest in a condo to live in. I know that a bank loan is out of the question because of my bad credit. Is it possible to have someone purchase the condo for me and then transfer the ownership and loan in my name? Is this legal?
 


H

HomeGuru

Senior Member
mr.hopefull said:
What is the name of your state?New York

Technically, I am considered low income. However, I just came into some money and would like to invest in a condo to live in. I know that a bank loan is out of the question because of my bad credit. Is it possible to have someone purchase the condo for me and then transfer the ownership and loan in my name? Is this legal?
Click to expand...


**A: it is legal except the loan can not be transferred.
 
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