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10-11-2009, 08:15 PM
| | Member | | Join Date: Mar 2006
Posts: 305
| | | Lease Purchase/ rent to own
What is the name of your state (only U.S. law)? LA
I am looking for an online form of sorts to owner finance our home to my brother, who because of the market, will be foreclosed on his own home, and therefor wont be able to qualify for a conventional loan.
Most of the online things I am finding are for a 3 yr deal, with the buyer getting a conventional loan. We are just going to hold the loan for my brother, with a set purchase price, and a set interest rate.
Can anyone pint me in the right direction or perhaps give me a better search term to use.
Thanks |
10-13-2009, 10:17 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by Gum_Drop  What is the name of your state (only U.S. law)? LA
I am looking for an online form of sorts to owner finance our home to my brother, who because of the market, will be foreclosed on his own home, and therefor wont be able to qualify for a conventional loan.
Most of the online things I am finding are for a 3 yr deal, with the buyer getting a conventional loan. We are just going to hold the loan for my brother, with a set purchase price, and a set interest rate.
Can anyone pint me in the right direction or perhaps give me a better search term to use.
Thanks |
**A: I can pint you to get an attorney do draft the proper form. DO NOT use an online form. |
10-16-2009, 08:41 AM
| | Junior Member | | Join Date: Apr 2009 Location: Baltimore, MD
Posts: 11
| |
Are you going to evict your brother if he stops paying you? You most likely nwon't won't and as a result your relationship with him will be ruined forever. Don't do this kind of financial transaction with relatives and friends. IMO |
10-17-2009, 02:27 PM
| | Member | | Join Date: Mar 2006
Posts: 305
| | | and yes I would evict my brother. AS its my credit on the line not his. And he knows this. This is a business transaction, where we are both benefiting each other.
Guru, Would this be something that is costly? |
10-18-2009, 10:11 PM
| | Senior Member | | Join Date: Feb 2006 Location: Philadelphia, PA
Posts: 17,751
| | | Not as costly as NOT doing it right...
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10-20-2009, 05:32 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 75,781
| | Quote:
Originally Posted by ecmst12 Not as costly as NOT doing it right... | **A: right**************... | |
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