Itís Your Money > Real Estate Information

Securing a loan to girlfriend

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jj17:
My girlfriend wants me to pay the 50% deposit on a house, and then she will pay the monthly mortgage repayments. But I want to try and make this a loan to her secured against the property. Has anyone had any experience of such arrangements and if so can you recommend a lawyer to put it together for us ?

hitekcountry:
Just be prepared to say good-by to the money, because thatís more than likely whatís going to happen. If you can afford to lose that amount of money and itís no big deal than go right ahead.

They can tell you that you can have your name on the property which for all practical purposes will make no difference at all.


https://www.youtube.com/watch?v=zg2S8VZHa_I

Lee2:

--- Quote from: jj17 on August 14, 2018, 11:48:39 PM ---My girlfriend wants me to pay the 50% deposit on a house, and then she will pay the monthly mortgage repayments. But I want to try and make this a loan to her secured against the property. Has anyone had any experience of such arrangements and if so can you recommend a lawyer to put it together for us ?

--- End quote ---
I cannot and will not tell you how to spend your money but I will ask you a few questions,
how can we answer your lawyer request if you do not tell us what part of the Philippines the house is in?
How long do you know the lady?
If you met a lady in your home country and knew her just as long, would you loan her the same amount of money?
How do you know the value of the home she wants you to put money down on?
Have you seen the house?

There are more questions but I think you should get the general idea, and the post above mine basically says what you need to know about Philippine law, a foreigner cannot own land, so if you were to loan her the money, how would you expect to get it back and do you know that most cases in court can take 10 years or more and for a very small price, it is often cheaper to have someone killed than to repay money owed, it happens all the time..

Anyway, the best of luck if you decide to go forward with this.

BudM:
Oh yeah.  I am waiting for this one.  This should be real good.

bigrod:
Not saying the GF is aware of the Maceda Act, but she maybe.  Possible return of 50% of all payments including deposit, monthly payments, etc.  In this situation she would come out way ahead of any amount she has invested.

https://www.lawphil.net/statutes/repacts/ra1972/ra_6552_1972.html

Chuck

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