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Updated over 5 years ago on . Most recent reply

User Stats

28
Posts
9
Votes
Eladio P.
  • Rental Property Investor
  • Providence, RI
9
Votes |
28
Posts

Prevent a refinance or 2nd mortgage

Eladio P.
  • Rental Property Investor
  • Providence, RI
Posted

Hi, lets say i fix my mother's credit and get her to buy a house making it a good deal to cash flow (3 unit) a FHA loan the question is; what can i do to PREVENT her for taking a HELOC, refinance, second mortgage etc on the property?

Her partner is a scumbag that once he sees there is any amount of equity will get her to access it to do something stupid with the money and make the deal go south.

I have planned for the rent to be collected by a property manager so he wont be able to touch the money thats due for rent. But how can i prevent him from messing touching the equity? Can i add myself as a co-borrower so that why if i don’t sign any loan request he can’t get it?

Thanks in advance for your answers

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