Legal Age to Sign a Mortgage?

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Myakylie

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What is the legal age (in Alabama) to sign a mortgage? IN 2002 I bought a double wide mobile home on private property thru a real estate company. My mortgage guy said I did not have enough income and listed my then 18 year old daughter on the mortgage as the source of additional income. At least this is what he told me. Fast forward ... I realize that my daughter is listed on the mortgage as co-borrower. I am being told my mortgage is not legal since she was a minor and I did not have enough income. Also, my mortgage guy and closing attorney told me to sign a paper stating that I was not in a bankruptcy ... I was 2 years into a 4 year Chapter 13. I am trying to get rid of my house and am one of the few that doesn't care if it goes into foreclosure. I have had issues with this house and mortgage from day one. One attorney wants me to file a predatory lender lawsuit against WFHM. I had a contract on the house in 2006, called the mortgage company to get a copy of the deed - and they did not have it. They then charged me to do a title search and get the deed. My main thing - I want my daughters name OFF the mortgage and WFHM refuses to do so.
 
How do you think that your daughter co-signing is "not legal." Did she sign? Is she just listed as a source of income? The challenge here is also that there may be an issue of "ratification" - when a minor reaches the age of majority and does not deny the enforceability of contracts the agreement is "ratified." This is best illustrated with a minor who buys a car and continues to drive it after age 18. The contract is now "ratified" by an adult. I'm not sure there is a good solution here and certainly the person who knows this case best is your attorney. Good luck.
 
Buy To Let Mortgages

The spate of credit card offers and leaflets that most of us receive through the post or in our daily newspapers, which promise us unlimited spending power and in some cases blank cheques, has threw up a major surprise and that is the way that small businesses are using personal credit cards that you or I use for granted in our daily personal use, to finance their business practices.
 
Many are doing this to the tune of almost 2 Billion a month and this is not getting spent on business expenses that they can claim back from the company coffers. The biggest uses are travel or entertainment. The personal credit cards are being used to fund the workings of the everyday running of the business and in some cases the company car is being charged to the credit card.
 
This has all come about because of the easy access to credit card lenders funds, which are put under our noses at every turn. You cannot even go to a supermarket or shopping mall without being accosted by some credit card sales representative offering you the chance of spending someone elses cash.
 
So all in all it is hardly surprising that many people who either have to fund a small business or wish to start one, would feel this to be an easier road to go down, rather than sitting in front of the local friendly neighbourhood bank manager and having to explain all the little details on why you need a loan, while asking you to offer up guarantees. The guarantees enable them to be able to get their cash back and this could mean putting your home up as collateral if it all backfires.
 
So all of this makes the applying for the credit cards the easy option, as it quite easy to apply to credit cards and see yourself with a spending power of thousands and thousands of pounds with an amount as much as 50,000 easily attainable. So much easier than applying to the bank for this amount of backing!
 
There a simple reason for this and that is that the bank, even if you think that they are killing your business plan, have to look at all the pros and cons to your claim and will access things that may even go wrong that you have not even considered or put into your business plan, before they will loosen the purse strings.
 
By doing this, the banks are also protecting you, yep thats right protecting you from any irresponsible borrowing that may lead to you falling into a debt that you simply cannot find away out of.
 
By going to the bank, you will be protecting yourself personally and if you are going the way of a limited company, with the assets of the business alone being the sole contributor of any debts owed, where as if you go down the personal credit card route, you will in no doubt find that a couple of big burly bailiffs, will come a Knocking at your door and start taking stock of you and your families belongings and that would be a tad more harder to take than a NO from your bank manager.
 
A business credit card can be a great way to take control of you business and ensure your business stays financially secure while still moving forward and growing. The trick is knowing how to use a business card to help make your business a success rather than a failure.
 
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