advice - Posted by Robert (ID)
Posted by Robert (ID) on March 16, 2001 at 09:22:26:
I am trying to help my ex-wife, sell my ex-house.
I was going to do a PACTrust but, she needs to have it sold, so that she can qualify for a new loan for a new home. (low income housing) She was told that she had to sell the old house first.
I was thinking about taking the loan over “subject to” and selling it that way with her carrying a second.
The only problem I have is, I want to give her security in knowing the house is sold, but at the same time I don’t want her in a position where the house could come back.
So I was thinking maybe the safest way would be for me to take it over “subject to” with a 5 year balloon then lease/option it out or PACTrust it at that time.
Please let me know the best course to go.
(Before anyone says why help my ex-wife? She just happens to be my best friend.)