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Old 01-03-2008, 02:40 PM
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Join Date: Jan 2008
Posts: 1

Parent-Financed Mortgage

What is the name of your state? Texas

My husband's parents wish to privately finance our mortgage for us. Basically, they'd pay off our current mortgage that we have with a bank and we'd then start paying them instead (but at a lower interest rate). What kind of paperwork do we (or they) have to fill out so that it's considered an official mortgage for tax purposes?

Thanks,
Paula
  #2  
Old 01-03-2008, 06:07 PM
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Join Date: Feb 2007
Posts: 8,229
They would need to record a deed of trust or some similar instrument with the courthouse or whatever passes for real estate records in your jurisdiction.
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