Prevent a refinance or 2nd mortgage
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