Need Advice

[Ash Housewares]

If you get a loan from family make sure you record the note down at the county office. In the event of a bankruptcy, other creditors may attempt to go after the money you’ve paid your inlaws if the loan isn’t thoroughly documented. I have no firsthand knowledge of this but heard it from a RE attorney in the past.

[rent4now]

[quote=Diego Mamani]Does your spouse have siblings?
[/quote]

Rich, thanks for your input.

Diego, my wife does have a sibling but being that they are very generous to their offsprings they might end up doing something similar for them down the road?
So why do you think it is ideal to have the in-laws carry back the loan?

[rent4now]

[quote=Diego Mamani]Does your spouse have siblings?
[/quote]

Rich, thanks for your input.

Diego, my wife does have a sibling but being that they are very generous to their offsprings they might end up doing something similar for them down the road?
So why do you think it is ideal to have the in-laws carry back the loan?

[rent4now]

[quote=Diego Mamani]Does your spouse have siblings?
[/quote]

Rich, thanks for your input.

Diego, my wife does have a sibling but being that they are very generous to their offsprings they might end up doing something similar for them down the road?
So why do you think it is ideal to have the in-laws carry back the loan?

[rent4now]

[quote=Diego Mamani]Does your spouse have siblings?
[/quote]

Rich, thanks for your input.

Diego, my wife does have a sibling but being that they are very generous to their offsprings they might end up doing something similar for them down the road?
So why do you think it is ideal to have the in-laws carry back the loan?

[rent4now]

[quote=Diego Mamani]Does your spouse have siblings?
[/quote]

Rich, thanks for your input.

Diego, my wife does have a sibling but being that they are very generous to their offsprings they might end up doing something similar for them down the road?
So why do you think it is ideal to have the in-laws carry back the loan?

[XBoxBoy]

As much as you like your inlaws and get along with them, I would be very careful about having them carry the note. I’ve known of too many cases where “family help” ended up being “family involved in my affairs”. Given how low interest rates are, I’d go with a conventional loan through a bank. I’d be profusely grateful to my inlaws, but I would not tie my finances into theirs in any way.

As Rich pointed out, there are inflation issues. But there are also issues in the event there is no inflation. What if interest rates were to drop even lower? How would you feel about going to your inlaws and telling them you want to refinance? By then they might be counting on the steady income from your mortgage payments.

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.

[XBoxBoy]

As much as you like your inlaws and get along with them, I would be very careful about having them carry the note. I’ve known of too many cases where “family help” ended up being “family involved in my affairs”. Given how low interest rates are, I’d go with a conventional loan through a bank. I’d be profusely grateful to my inlaws, but I would not tie my finances into theirs in any way.

As Rich pointed out, there are inflation issues. But there are also issues in the event there is no inflation. What if interest rates were to drop even lower? How would you feel about going to your inlaws and telling them you want to refinance? By then they might be counting on the steady income from your mortgage payments.

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.

[XBoxBoy]

As much as you like your inlaws and get along with them, I would be very careful about having them carry the note. I’ve known of too many cases where “family help” ended up being “family involved in my affairs”. Given how low interest rates are, I’d go with a conventional loan through a bank. I’d be profusely grateful to my inlaws, but I would not tie my finances into theirs in any way.

As Rich pointed out, there are inflation issues. But there are also issues in the event there is no inflation. What if interest rates were to drop even lower? How would you feel about going to your inlaws and telling them you want to refinance? By then they might be counting on the steady income from your mortgage payments.

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.

[XBoxBoy]

As much as you like your inlaws and get along with them, I would be very careful about having them carry the note. I’ve known of too many cases where “family help” ended up being “family involved in my affairs”. Given how low interest rates are, I’d go with a conventional loan through a bank. I’d be profusely grateful to my inlaws, but I would not tie my finances into theirs in any way.

As Rich pointed out, there are inflation issues. But there are also issues in the event there is no inflation. What if interest rates were to drop even lower? How would you feel about going to your inlaws and telling them you want to refinance? By then they might be counting on the steady income from your mortgage payments.

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.

[XBoxBoy]

As much as you like your inlaws and get along with them, I would be very careful about having them carry the note. I’ve known of too many cases where “family help” ended up being “family involved in my affairs”. Given how low interest rates are, I’d go with a conventional loan through a bank. I’d be profusely grateful to my inlaws, but I would not tie my finances into theirs in any way.

As Rich pointed out, there are inflation issues. But there are also issues in the event there is no inflation. What if interest rates were to drop even lower? How would you feel about going to your inlaws and telling them you want to refinance? By then they might be counting on the steady income from your mortgage payments.

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.

[rent4now]

[quote=XBoxBoy]

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.[/quote]

Really good points. $$ can really ruin relationships!

As far as the tax base you are talking about…
Can you fill me in on that? I think what you are saying is there is a way to pay taxes based off what my in-laws pay instead of the higher rate I would be paying as if I was any random buyer?

[rent4now]

[quote=XBoxBoy]

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.[/quote]

Really good points. $$ can really ruin relationships!

As far as the tax base you are talking about…
Can you fill me in on that? I think what you are saying is there is a way to pay taxes based off what my in-laws pay instead of the higher rate I would be paying as if I was any random buyer?

[rent4now]

[quote=XBoxBoy]

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.[/quote]

Really good points. $$ can really ruin relationships!

As far as the tax base you are talking about…
Can you fill me in on that? I think what you are saying is there is a way to pay taxes based off what my in-laws pay instead of the higher rate I would be paying as if I was any random buyer?

[rent4now]

[quote=XBoxBoy]

Also, I’d be sure to understand the implications of the transfer of the title on tax base. I believe that you should be able to assume their tax base, which would be a very good thing, but I’d be sure to read all the rules to make sure that I didn’t miss something and fail to qualify for that tax base transfer.[/quote]

Really good points. $$ can really ruin relationships!

As far as the tax base you are talking about…
Can you fill me in on that? I think what you are saying is there is a way to pay taxes based off what my in-laws pay instead of the higher rate I would be paying as if I was any random buyer?

[Author]

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