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Posted by hr(bob) hofmann@att.net on March 5, 2008, 11:35 pm
This is a little OT, but I am going to take over the mortgage on my
son-in-law and daughters house as I can get more interest from them
than on a cd and they will get a lower rate from me than they can get
at a bank. (5%). What is a good, cheap way to get the mortgage forms,
and what are the different pieces of paper called. It has been a long
time since my wife and I had a mortgage and I am rusty on all the
various names.
TIA
Bob Hofmann
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Posted by Smitty Two on March 6, 2008, 12:27 am
In article
> This is a little OT, but I am going to take over the mortgage on my
> son-in-law and daughters house as I can get more interest from them
> than on a cd and they will get a lower rate from me than they can get
> at a bank. (5%). What is a good, cheap way to get the mortgage forms,
> and what are the different pieces of paper called. It has been a long
> time since my wife and I had a mortgage and I am rusty on all the
> various names.
>
> TIA
>
> Bob Hofmann
I dunno, but when you find the forms, I'll take a few of those 5%
mortgages...
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Posted by PaPaPeng on March 6, 2008, 8:20 am
On Wed, 5 Mar 2008 20:35:07 -0800 (PST), "hr(bob) hofmann@att.net"
>This is a little OT, but I am going to take over the mortgage on my
>son-in-law and daughters house as I can get more interest from them
>than on a cd and they will get a lower rate from me than they can get
>at a bank. (5%). What is a good, cheap way to get the mortgage forms,
>and what are the different pieces of paper called. It has been a long
>time since my wife and I had a mortgage and I am rusty on all the
>various names.
>
>TIA
>
>Bob Hofmann
I don't think you can issue a private mortgage to another private
party. Only licensed mortgage companies can do so. This is how I
would consider the problem. Make a private loan to your son to pay
off his bank mortgage. Your son will pledge the title to his property
as security. That security pledge will be a lawyer vetted document
transferring the property to you but remains undated, to be effective
any time the date is inserted. You should register this document with
some government authority. On a separate contract spell out this fact
together with the terms of repayment, etc. Don't do this on a
handshake. A house is a big ticket item. If there is trouble you not
only lose the money you also lose your son and his family. You can
always forgive the loan. But never put him in a situation where he
can delay a problem by stalling. That delay wreaks even the closest
relationships. Don't forget you have to declare the 5% as income for
tax purposes.
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Posted by Phisherman on March 6, 2008, 9:04 am
>This is a little OT, but I am going to take over the mortgage on my
>son-in-law and daughters house as I can get more interest from them
>than on a cd and they will get a lower rate from me than they can get
>at a bank. (5%). What is a good, cheap way to get the mortgage forms,
>and what are the different pieces of paper called. It has been a long
>time since my wife and I had a mortgage and I am rusty on all the
>various names.
>
>TIA
>
>Bob Hofmann
This is a risky proposition! You have to consider what happens when
your son-in-law/daughter can't pay. Do you let it slide? Create a
fuss, awkward situation, or family resentment? A CD is insured,
what you are proposing is not! If you want a fairly safe investment
in real-estate, then consider an AAA-rated GNMA fund and backed by the
US government. If you still want to float your daughter a loan, get a
real-estate lawyer to draw up the paperwork, and maybe we can watch
y'all on Judge Judy!
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Posted by Kurt Ullman on March 6, 2008, 9:17 am
>
> >This is a little OT, but I am going to take over the mortgage on my
> >son-in-law and daughters house as I can get more interest from them
> >than on a cd and they will get a lower rate from me than they can get
> >at a bank. (5%). What is a good, cheap way to get the mortgage forms,
> >and what are the different pieces of paper called. It has been a long
> >time since my wife and I had a mortgage and I am rusty on all the
> >various names.
> >
> >TIA
> >
> >Bob Hofmann
>
>
> This is a risky proposition! You have to consider what happens when
> your son-in-law/daughter can't pay. Do you let it slide? Create a
> fuss, awkward situation, or family resentment?
Also, if you give them a below market interest rate, there can
be some rather nasty tax consequences. Personally I wouldn't touch this.
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