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Hope you get some better advice than this,
Posted by Jeff B [Email] (more from Jeff B) on Wed, 7 Jun 2006 11:11:40
In Reply to: ? about lending money to my mother, ChrisB, Wed, 7 Jun 2006 10:45:09
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but a lot depends on the values of the houses, the current housing markets, and your financial ability to pay the line of credit until the CT house sells.
Are you saying you'd loan all the money to buy the NC house?
If it were me, I'd want to get my name of the title/deeds of both houses as a condition of lending the money. Once the CT house sells, and you get paid back, you can quitclaim your ownership rights of the NC house over to your mom.
Otherwise, if something went terribly wrong, you could be left with a huge financial liability risking your home and no rights or way to resolve it easily or quickly.
I'm not a banker or lender, and my opinion is worth only half of what you paid for it.
posted by 128.190.6...
Posts in this Thread:
- ? about lending money to my mother, ChrisB, Wed, 7 Jun 2006 10:45:09
- You should issue a 1098 or a 1099, Rod , Fri, 9 Jun 2006 10:21:09
- You need to make sure..., Chaz, Thu, 8 Jun 2006 09:16:13
- Re: ? about lending money to my mother, B Warren, Wed, 7 Jun 2006 15:46:41
- Hope you get some better advice than this,, Jeff B, Wed, 7 Jun 2006 11:11:40 <-- Viewing This Message
- Document the transaction...., MI-Roger , Wed, 7 Jun 2006 10:58:53
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