Posted on: 06th Aug, 2010 03:50 pm
Need to know how a gift letter applies to a home improvement loan... My husband and I along with our four kids live in his moms home . She does not live with us at the present time but knows if the time comes ands she needs to she can. The house is in need of some major repairs ..she can not apply for home improvement loan due to having filed for bankruptcy..we have discussed out right buying it..but that is not an option the moment,,,, if she was to give us the house and land as a gift could we file for a home improvement loan and use it to do the repairs.
If your mother-in-law has not included the property and land in her bankruptcy filing and if her bankruptcy has been discharged, then she can gift the property to you all. Once the property and the land is in your name, you can take out a home improvement loan.