Las Vegas Condo purchase? Best of a bad situation?

Johng · #1 (**permalink**) 05-11-2008, 04:26 AM

What is the best way to resolve a condo purchase on the strip where one couple has FICO scores over 800 and the other couple although well to do appearance wise cannot qualify for the loan by themselves. The couples have put 20% down so far. However the couple with the good credit must put down another 5% to secure the loan by themselves. The "bad credit" couple promises to pay their portion of the mortgage, hoa's, etc. each month. What is the best way to protect the interests of the "good credit" couple as they would assume a large loan that would be their sole responsibility, even though both couples are listed as owner's on the sales contract....without ruining the family relationship the couples have? Thanks for your insights

TimB · #2 (**permalink**) 05-11-2008, 10:41 AM

In my professional opinion;The couple with the good FICO scores.. are putting themselves at undue risk default.. by the couple with low FICO scores.Does this help any?

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