Posted by HarryAtl on January 28, 2002 at 15:23:46:
Mitch,
Consider reading Millionaire Next Door. It has some insightful things to say about situations like this.
If you really want to help your kids, why don’t you find out what caused them to be in financial trouble in the first place. Otherwise, you may be doing a bail-out like this again.
Just my $.02
Harry
Create a winning situation with out kids - Posted by Mitch
Posted by Mitch on January 28, 2002 at 10:43:43:
We are trying to create a winning situation with our kids.
We have a daughter & son-in-law who are in financial trouble and they want us to take over their property.
We would like them to transfer title to us so we can refinance the property. By refinancing at 80% LTV we could pay the 1st & 2nd off, lower the monthly pmt and have some cash for them and fix up.
We will also lease the property back to them and if the financial situation gets worse all they have to do is move out and we’ll handle what we want to do with the property.
This seems like a better way than let them go into foreclosure.
How best to handle the Title work?
Will lenders look at a seasoning issue with this?
Is there a better way to handle this situation?