House purchase from friend and sell back

[Everydayrunner]

Friend is asking for a favour to mortgage his home..he has multiple homes.

 

After 6 months he will buy it back...

 

What can go wrong helping him in this cause ?

 

Will my credit goes bad..if I help him ? 

After I sell it back..will my credit score return to it's peak?

[Bestguy]

1 minute ago, Everydayrunner said:

Friend is asking for a favour to mortgage his home..he has multiple homes.

 

After 6 months he will buy it back...

 

What can go wrong helping him in this cause ?

 

Will my credit goes bad..if I help him ? 

After I sell it back..will my credit score return to it's peak?

who is paying downpayment here??

[jefferson1]

1 minute ago, Everydayrunner said:

Friend is asking for a favour to mortgage his home..he has multiple homes.

 

After 6 months he will buy it back...

 

What can go wrong helping him in this cause ?

 

Will my credit goes bad..if I help him ? 

After I sell it back..will my credit score return to it's peak?

Pretty risky.. market down he will back off

 

[Everydayrunner]

1 hour ago, Bestguy said:

who is paying downpayment here??

I am not paying a penny from my pocket.. all taken care by him.. everything..I won't even see his home..

[Everydayrunner]

1 hour ago, jefferson1 said:

Pretty risky.. market down he will back off

 

I am not paying a dollar from my pocket..giving him a favour since he asked me..

[WigsandThighs]

Greedy and ask him to go frock himself...if can’t maintain why would he get in to it 

[Bestguy]

8 minutes ago, Everydayrunner said:

I am not paying a penny from my pocket.. all taken care by him.. everything..I won't even see his home..

How does even that work??? Some thing is missing..If he is applying loan on your name you need to pay from your account..

[Everydayrunner]

1 hour ago, WigsandThighs said:

Greedy and ask him to go frock himself...if can’t maintain why would he get in to it 

He is paying the money and everything..

 

Not sure what is his real advantage of refinancing to me and selling it back to him. 

Probably he needs money for his kids tution.

[Everydayrunner]

1 hour ago, Bestguy said:

How does even that work??? Some thing is missing..If he is applying loan on your name you need to pay from your account..

Yeah he will allocate the money ..I won't pay a penny.

[Bestguy]

Just now, Everydayrunner said:

Yeah he will allocate the money ..I won't pay a penny.

ala work avvaddhu ..Money isthe ala loan raadhu..It has to be your own money..

[Edhokati]

16 minutes ago, Everydayrunner said:

Friend is asking for a favour to mortgage his home..he has multiple homes.

 

After 6 months he will buy it back...

 

What can go wrong helping him in this cause ?

 

Will my credit goes bad..if I help him ? 

After I sell it back..will my credit score return to it's peak?

Vaddu.

[DrBeta]

It's probably because his credit history wouldn't allow him to take a loan so he is using yours to get a loan. I wouldn't do it if I were you. 

[Everydayrunner]

1 hour ago, DrBeta said:

It's probably because his credit history wouldn't allow him to take a loan so he is using yours to get a loan. I wouldn't do it if I were you. 

Yes kind off..he is taking loan for kids tution ..fee..etc.. 

 

So once he gets the loan..after 6 mk ths..he will buy his home back

[Myth1]

38 minutes ago, Everydayrunner said:

Friend is asking for a favour to mortgage his home..he has multiple homes.

 

After 6 months he will buy it back...

 

What can go wrong helping him in this cause ?

 

Will my credit goes bad..if I help him ? 

After I sell it back..will my credit score return to it's peak?

Don't do any favour... Just back off...

[user789]

India or USA ?

Kids tution ki money aa... rofl...