Posted on: 09th Nov, 2009 08:50 am
My son was out of work for 2 years but only got behind on 2 payments. I would like to purchase for $80K this $149K property and lease it back to him. 5-1/2 nice acres. Double-wide nicely remodeled. He owes about $40K and needs the additiional 40K to catch up bills. He now has a stable job but his credit is poor. What do I have to do? Thanks. Connie Trotman
Hi cwccwc,
You can definitely purchase the property from your son. However, you should check out the mortgage documents to find whether or not there's a due on sale clause mentioned in it. If yes, then you will have to pay off the dues immediately after the sale is over. If not, then you will have to refinance the loan in your name after your son transfers it to you.
Thanks
You can definitely purchase the property from your son. However, you should check out the mortgage documents to find whether or not there's a due on sale clause mentioned in it. If yes, then you will have to pay off the dues immediately after the sale is over. If not, then you will have to refinance the loan in your name after your son transfers it to you.
Thanks