Need Help on Loan - Posted by Fred


#1

Posted by PBoone on October 25, 1998 at 19:48:40:

Your desire to purchase the house is confusing to me why not write a “Land Sales Contract” then you have no “Closing Cost” or the commission the RE broker

Purchase price $117,000 payments to be same as has been.

In a year you can refinance (if you choose) with no worries of gifts.

An 80/20 loan is possible for bad credit but you pay dearly in interest and fees

Pat


#2

Need Help on Loan - Posted by Fred

Posted by Fred on October 25, 1998 at 13:22:44:

I currently been leasing a house from my mother in law and now I want to take over the loan. The house is worth 140,000 and the amount of the loan is 117,000. My Credit is bad so I have some doubts I can take over this loan even though I been making the full mortgage payments for the past 4 years.
My RE Broker says he can get me a loan by creating a second for 20% of the value of the house. My mother in law will carry the second and “give” us the second as a gift without having to pay a dime on the second. The purpose of this so it will look like we put a 20% DP. Does this sound legit and if so, do we and/or my mother in law have to pay taxes on this gift?

Fred D.