Thread: how to strucure

My advice would be to contact a mortgage broker in your area. You might have to interview a couple before you find one, but then you can have them structure the loan. You'll probably have to pay them a fee, but it will be worth it to make sure that it is done properly. Good Luck!

I don't think your typical mortgage broker/loan officer will be able to help you out with this unless your mother is willing to take out the loan to lend you the money.

My best advice to you is to consult with a RE attorney as well as an experience tax advisory. They would know a little more than the typical LO on how to structure your particular scenario.

That's good advice. I recommended interviewing mortgage brokers to find one that is capable of structuring the loan for you. If you find the right broker, they will have a processor, underwriter, etc. to write the loan. It would be the same thing as them structuring a hard money loan because that is essentially what you are doing.

Sorry if I am dense but this sounds like way too complicated for a cash transaction.
Can't the family member buy the house, quit claim it to me, use a standard mortgage loan document using the house as collateral?

Normally a cash transaction would not be as complicated, but you want it set up like a loan. Sure it sounds easy, but as far as I know there is not a standard loan document where you could just fill in the blanks. Every lender has their own documents and they will be different from any other lender. Also, when you are talking about such an important transaction you want to make sure you dot your i's and cross your t's. Definitely consult a professional. Good Luck!

in, there are standard documents available.
i guess this forum is a pimp palace to drum up business lol.

Originally Posted by watchtower7

i guess this forum is a pimp palace to drum up business lol.

I don't know where you got that. No one has solicited your business at anytime during this conversation. I feel that you need a professional to assist you. I never said use me. I never even said to use a specific person. So I'm not sure how you perceive this as a pimp palace.

here is the answer from a mortgage forum:

Hop on efanniemae.com or fanniemae.com and go to the search function for "mortgage form", "note forms" and look for you particular state.

A local attorney can do also and is probably "safer" -- I imagine the fee will be around $100 but ASK.

I agree that it is "safer" and with a transaction that big I think that it would be worth the $100 dollars. Just my 2 cents. Good Luck with whatever you decide!