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 johntom1985
Joined: 22 Feb 2009
Posts: 1
1.39 Dollars($)
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 Posted: Sun Feb 22, 2009 12:46 pm Post subject: Mortgage |
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My wife and I are looking in to possibly buying a new house, my Dad has offered to help us with the down payment. We have thought about renting the house we are paying on now instead of trying to sell in this bad market. I expressed concern to my Dad though, because if we can't get it rented or whoever we rent it to doesn't pay us, we can not afford to carry two mortgage payments. He suggested my signing the house over to him. Is there a way to do this without having to actually sell the house to him? If so, what is the cheapest way?
Thanks much!! |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 481
0.59 Dollars($)
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| Posted: Mon Feb 23, 2009 4:05 am Post subject: |
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| trust could be one of the option !! why don't you discuss this with local attorney.as he will be a perfect person to guide you in this regard graciously. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Mon Feb 23, 2009 8:02 am Post subject: |
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manoj...nice of you to make a suggestion, but you should have elaborated on it.
johntom, i think you have valid concerns. selling is truly difficult in this environment, but finding a suitable tenant is a risk as well, and if, as you noted, your renter failed to make payments, you'd be in an even bigger jam.
i don't know the wisdom of giving your dad the home...maybe it makes sense, maybe it doesn't. nevertheless, a lawyer can help you negotiate some of this territory, as manoj noted.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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dilipgagare
Joined: 26 Mar 2009
Posts: 58
0.01 Dollars($)
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| Posted: Thu Mar 26, 2009 8:25 am Post subject: |
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Yeah, its really too big problem.you can give your home for rent to any one , for that rent you can pay home mortage payment.
If didn't found any person to take on rent then for that you can give advertise for that or you can contact to your relative or friends to find
person who need home o rent. This is one way to do mortage payment.
second is to discuss with mortage agent to any way to minimize payment .
I hope you got an ideae what to do....... |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Thu Mar 26, 2009 9:37 am Post subject: |
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a few of those words make sense, at least.
by themselves, anyway.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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