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real estate loan

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J

jaretf

Guest
i am in calif.

i am considering loaning a gentleman some money who is three months from concluding probate. his mother has fallen behind on the mortgage and property taxes and needs about 15K to bring his mortgage current. when we met, he showed me that he had about 100k in equity and would take out a 2nd mortgage, and would double my money for bailing him out. I am aware that there is a usery law and that I can't charge him that amount, but could I write a contract that would either have him donate the remainder to my company, or could I purchase a percentage of his house based on the appraised value for 15K that would guarantee that I get 30K back?

this is all being handled through escrow, he is eligible to get a loan to pay me back.
 



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