Jun
11
my neighbours are facing repossession. How could i help them pay their mortgage ?
By
if i were to pay towards their mortgage, what could i do to make sure i didn’t lose my money? could i own a percentage of their house (til they payed me back) and could i make it impossible to take out any other loans secured on the house (which would make it higher risk)
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3 Comments
June 13th, 2010 at 5:49 am
You could purchase the home from the bank, but that is a really bad idea. If your neighbors are your friends, they likely won’t be for long.
June 14th, 2010 at 12:58 pm
You can file with them and put a lien on their home consistent with the amount of money you will be borrowing. but it might be good to contact a real estate attorney to assist you with it. i have a friend who borrowed 5000 dollars from another friend to pay the mortgage a little. she got a lien on her home from her friend for the amount. if she pays it back eventually the lien can be removed. but i know they had an attorney.
June 15th, 2010 at 6:18 am
If you want to help them and you have the means you may lend them the money.
You do this by adding a lien to their property for the amount of your lien. If you decide to do this make sure you conduct this transaction through a title company.
If they are already in financial trouble what make you think that they will be able to pay your back anytime soon? You would be taking a big risk because what ever you lend them would place you in a position behind the first mortgage or whatever mortgage they are having a problem with now.
So if your neighbors got in trouble again the first mortgage would foreclose on the property. You would then have to pay the first mortgage current and then you would have to assume the foreclosure of the first mortgage.
This might be a situation where you give moral support instead of financial support.
I hope this has been of some use to you, good luck.
“FIGHT ON”