Profile picture for Beamer1972

Can you buy a home from a relative for what they owe on a home equity loan

I want to buy my fathers house for what he owes on a home equity loan. Is that legal especially since the amount of theloan is significantly less than the value of the house
  • April 23 2009 - Camden
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Answers (3)

Profile picture for Jclausen71
Check with your Title Attourney, you will need one to transfer the title anyway, more then likely it is legal. The seller is has the right to sell their home for the price that they want to get, as long as there is someone that wants to pay for it.

Good Luck! You must have one incredible father!
  • April 23 2009
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Profile picture for Beamer1972
No, there is no primary mortgage
  • April 23 2009
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Profile picture for Jclausen71
Does he have a primary mortgage as well?

You should check with a Title Attorney or a Real Estate Attorney. I know that here in MD, you can buy a home for what ever the person sells it for. Titles can be transfered for just title fees and taxes. There are people out there that "Gift" Homes for less the the property value. You might feel bad about it, but it may be perfectly legal in your state.
  • April 23 2009
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