Posted on: 28th Aug, 2008 08:15 am
we owe 229,000 on our home. my son wants to buy our home but can only get a loan for 180,000.he is asking if we could carry the rest . how would we go about this.
If he qualifies for 180k why would you want to put him into something he doesnt qualify for? You stand to lose 50k. I know he is your son but if you do this you might as well just gift it to him (at least in your mind)
First thing is will 180k pay off what you owe? If not forget it. If it does then you just write up a not for a second. The problem is legally that note has to be declared on the loan and since he doesnt qualify for 229k it will probably disqualify him for 180k
Good Luck
B
First thing is will 180k pay off what you owe? If not forget it. If it does then you just write up a not for a second. The problem is legally that note has to be declared on the loan and since he doesnt qualify for 229k it will probably disqualify him for 180k
Good Luck
B
Hi arlene!
If your son qualifies for 180k, then do not pressurize him to go for more. If really you could carry the rest then you should go on with the loan otherwise not.
thanks,
Jerry
If your son qualifies for 180k, then do not pressurize him to go for more. If really you could carry the rest then you should go on with the loan otherwise not.
thanks,
Jerry
agreeing with brian again...since you owe $229K, your son would be unable to pay off that debt by borrowing $180K. furthermore, you wouldn't be able to "carry" the rest - in order for your property to convey to him, you must pay off all debt.
