On 8/21/2014 12:46 PM, dpb wrote:
On 08/21/2014 12:19 PM, amdx wrote:
...

What exactly did you sign?

I signed an agreement to list the property for sale.

For what length of time is the agreement?

...

Oh, I want her to get a mortgage to pay me for my half.
That would be the ideal outcome. She would would have a place
to live for the rest of her life and I would have my $20k.
It would seem doable, to get a mortgage for 50% of the value.
...

W/o a cosigner, likely to be in the near term until can clean up the
credit history and all, I'd agree. Wouldn't say to not make the
attempt, however, certainly.

But, as was posited by at least one other, carrying the note yourself
would be a start while that's happening. If were to do so, would
definitely want to make it formal just as if were to a 3rd party both
because it then can be used to reference when try to get another
(assuming she keeps it current, of course ) as well as there are IRS
requirements that family "loans" have to carry "real" interest rates
that are consistent with other sources to count as loans. She also that
way gets the mortgage interest deduction if that's of any value to her
tax situation (which sounds like might not be, but it's not to be
forgotten in the calculations of option choices). To qualify, it would
have to be a secured mortgage instrument, not just a verbal agreement as
noted before. Also, don't forget to check in on whether she might be
eligible for mortgage-assistance payments under the National Housing Act
(Section 235).

Again, some professional advice is probably worth the consultation fee
here just to be sure to cross all the i's and dot the t's and not make
any other missteps. Plus, the devil is in the details and the pro will
know the situations to ask about for the specifics of the case...

--
I appreciate your info, and I would always have a lawyer do the
documents, but, I'm not sure most lawyers are the person to come up with
the ideas. I want to go to the lawyer with the ideas and have them
write the contract. Or tell me why I don't want to do something.
Maybe cosigning would not be a terrible idea, she would be responsible
to the bank, not me and a default might get her out of the house.
Mikek

Mikek