Posted by Mark (WV) on February 07, 2002 at 20:16:40:
Thank for responding John,
He got the loan to pay me for what I had in the house plus pull some equity out to pay off some high interest bills.
I had aprox. 18k in the house, the loan was for 25k , the lender cut the check in my name with the instuctions that if I wanted to give any or all back to him it was up to me but they couldn’t cut two checks.
So basicly I gave the house to him for what I had in it there was no profit to me.
The loan was called a gift eqity/purchase loan on their docs.