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 pw160003
Joined: 26 Aug 2008
Posts: 2
1.96 Dollars($)
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 Posted: Tue Aug 26, 2008 5:50 am Post subject: Having a Family member hold your mortgage? |
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| my sons future father in law is very well off and He has offered to give my son and his daughter a mortgage at fixed 6% 30 year term instead of them going to a mortgage company or a bank. He said it would be completely legal and done up with a contract. Do you think my son and future daughter in law should take him up on his offer and is there anything my son should know before doing this, also this would be their first home |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Tue Aug 26, 2008 6:15 am Post subject: |
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welcome PW.
Is your son's future father in law a lender? A lender need to have a lending license to lend money legally. Does he have it? No doubt the rates and terms offered by your son's future father in law is good.
_________________
Good is the Enemy of Great. |
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pw
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| Posted: Tue Aug 26, 2008 6:20 am Post subject: |
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| he told him he has a trust fund set up to do the lending |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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