Posted by michaela-ATL on January 13, 2003 at 07:21:34:
Your mother could finance with a wrap-mortgage. Or with a land contract/contract for deed. The deed stays in escrow and is not recorded, subsequently the mortgage company won’t find out. You get the tax deductions. You will pay your mother the monthly and she keeps the spread between her payment and your payment as her profit.
michaela
Can Anyone Help This Client ? - Posted by Roy A.
Posted by Roy A. on January 13, 2003 at 07:12:14:
Concerns_______________:
Our son had leukemia, we had to be with him and our credit went down the drain. We currently rent the home we live in from my mother. She is willing to sell this home for 70000 to us. (there is a line of credit on home for 65000) She cannot finance. The home is on 28-30 acres, and is worth approx. $200,000. 100 year old farm house with TOTAL renovation, including new gourmet kitchen.
We are prepared to make a deal to purchase, high interest, loan charge, whatever it takes to keep our family home.
I have a tax lien on my credit that has been paid off, but the crdit bureau has yet to remove. I have been told there is no way for the irs to remove a lien…? Anyway, it is still there. We have lived in the home and made the payments for 2 years ($700 per month). My credit stinks and I am not in a position to straighten it out at this point. Somebody would be taking a chance on me, I realize. But, my child is buried on the property in our family cemetary, if that gives you any indication of my determination to remain here for the rest of my life. Will agree to any term, any interest. I have considered $1500 per month for 5 years, that would be double the $70,000 to $140,000. Is this possible?
Thank You very much for your consideration.
Sincerely