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View Full Version : Can I hold a mortgage on a house


carolhilf
Jun 22, 2013, 04:58 AM
I want to hold a mortgage on a house I inherited from my neighbor who passed
Away. My daughter and her family wants to move into the house but, can not get a mortgage at this time. The house they were living in is now being rented I have two other daughters who find this not a good thing I am doing , because they think she might default on the payments. If I should die I would want her to
Pay off the house so the monies can be divided with my other two children. Is this a good idea or should I go aobut this another way.

JudyKayTee
Jun 22, 2013, 07:17 AM
I would do NOTHING without first consulting with an Attorney - my husband had an iron clad will and I still ended up in (and out) ofr Court for 18 months. This could cause all sorts of problems - protect yourself and avoid family conflict.

ScottGem
Jun 22, 2013, 07:24 AM
Is there a mortgage on the house now? If so, just let her make the payments. You are no worse off if she defaults.

If not then have her do a contract for sale. You can put what she pays in an account to be divided up among the other siblings.