Posted by john on May 10, 2005 at 22:16:40:
A gift is a gift, meaning no strings. If a silent second was made it would be loan fraud unless disclosed to lender.
gift of equity - Posted by Tracy
Posted by Tracy on May 10, 2005 at 16:40:15:
A gift of equity was given from grandparents to grandson to purchase their home. The amount $12,898. can the gift of equity be forced to be paid back if the property is resold?
Re: gift of equity - Posted by jennifer Meyers
Posted by jennifer Meyers on June 22, 2005 at 17:19:23:
I have a question about gift of eguity. My brother is selling me a house for 150,000 less than it is worth. We made an agreement that he will sell it to me for the price he bought it for. Now he is worried that if he signs the gift of eguity that he will be taxed. Is this true? Do you have any information that could help me? Thank you!
Re: gift of equity - Posted by River City
Posted by River City on May 11, 2005 at 06:11:43:
I agree with John. A gift is a gift. Did the grandparents sign a gift letter? If so, the gift letter more than likely stated that the money was not repayable.