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Answers (4)
Best Answer
- Martin Wareing, "Martin Wareing"
- Contributions:3772
You can cut a check (usually cashier's/certified funds) upon obtaining the payoff. This can usually be done by an automated phone call to the custover service number listed on the monthly coupon statement or the loan servicer's website... Then, you and your daughter can agree upon terms, etc. just make sure taxes/insurance are kept up to date as most private lenders (moms-n-dads) do not escrow for their kids. Finally, I would suggest doing it the right way (recorded mortgage). It will pritect all concerned and more importantly keep business as business and if all do as they agree to... it should not ever be a problem. Loaning money to friends and family is not a problem..... Not paying back the friends and family is a sin. Good luck and let us know how it works out.
- Orin Sherman MBA
- Contributions:53
I would keep in mind any tax implications and if there are prepayment penalties to consider.
- edtilton
- Contributions:129
So how do I record a Note or Mortgage? Can I do it without a whole settlement thing?
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Martin states not paying back relatives and friends is a "sin." Even with the best intentions this may occur. If you are not properly protected you'll have no recourse.
My suggestion is to interview a few "Private Money/Hard Money" Brokers in your area. Select one. Have them do your escrow title work and have them service the account. Small price for peace of mind. ... Best wishes, Rudi
My suggestion is to interview a few "Private Money/Hard Money" Brokers in your area. Select one. Have them do your escrow title work and have them service the account. Small price for peace of mind. ... Best wishes, Rudi
If I wanted to pay off my daughters mortgage and then have her pay me
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