loan document between daughter and father

[mitgr5200@yahoo]

What is the name of your state? MI

I lent my daughter $25,000 toward the purchase of a house. I am also on the mortgage. I drew up a document for the repayment terms. I am sure I should have an attorney look at it and make changes, or throw it out and do a new one. Was wondering, how much approximately should I expect to pay for such a service? Anything special to look out for? Should I be looking for a real estate specialist, or lending specialist? Any help would be appreciated.What is the name of your state?

 

[Litigation!]

What is the name of your state? MI

I lent my daughter $25,000 toward the purchase of a house. I am also on the mortgage. I drew up a document for the repayment terms. I am sure I should have an attorney look at it and make changes, or throw it out and do a new one. Was wondering, how much approximately should I expect to pay for such a service? Anything special to look out for? Should I be looking for a real estate specialist, or lending specialist? Any help would be appreciated.What is the name of your state?

My response:

As long as you didn't write your contract on a napkin with gravy stains, it should be fine.

IAAL

 

[pojo2]

What is the name of your state? MI

I lent my daughter $25,000 toward the purchase of a house. I am also on the mortgage.

Just curious what kind of loan? Conventional, FHA, VA etc...

 

[JETX]

I lent my daughter $25,000 toward the purchase of a house. I am also on the mortgage.

What the hell does that mean?? Are you a co-signer on HER mortgage?? IF so, it does NOTHING to protect you.

I drew up a document for the repayment terms. I am sure I should have an attorney look at it and make changes, or throw it out and do a new one. Was wondering, how much approximately should I expect to pay for such a service?

Prices could range anywhere from $25 to $2500. Depends on LOTS of things... like the experience and qualifications of the attorney... and what the hell you are trying to do. A simple promissory note is free.... just download off the internet. However, a second mortgage contract can be expensive. Call a few attorneys in your area.

Anything special to look out for?

Yep. Start by knowing what the hell you want to do!!

 

[mitgr5200@yahoo]

loan to daughter

I said I was on the mortgage..Don't know what that means?

I said I lent it to my daughter, I don't think that could possibly be an FHA loan, could it?

I didn't ask if it protected me. I just want it to be enforcable between me and my daughter.

And no, it is not on a napkin.

I know what I want to do, thought it was explained, apparently not clear enough for a lawyer, sorry

up to $2500 for what I asked ?, not likely



not very often do people get decent answers on this forum, a lot of eliteness, and smart alec stuff, but I will take what I can get, please, just do it without the attitude

save your sarcasm and such for another forum, don't waste your wit on me. Just a plain answer would be nice.

Thank You

 

[pojo2]

I said I lent it to my daughter, I don't think that could possibly be an FHA loan, could it?

What kind of loan did she get, not from YOU?

I didn't ask if it protected me. I just want it to be enforcable between me and my daughter.

What to be enforceable a promissory note?

I know what I want to do, thought it was explained, apparently not clear enough for a lawyer, sorry

up to $2500 for what I asked ?, not likely

Then go to Office Max and get a promissory note kit and just wait to see if you covered everything if and when the time comes.

not very often do people get decent answers on this forum, a lot of eliteness, and smart alec stuff, but I will take what I can get, please, just do it without the attitude

Then perhaps another forum will answer your questions more to your liking, the issues raised are very valid and not meant to be smart a$$ed.

save your sarcasm and such for another forum, don't waste your wit on me. Just a plain answer would be nice.

Plain answer write out a promissory note and have her sign it. Frankly if you are on the mortgage then that 25K might be construed as a downpayment connected to the house purchase and the eventual sell of the house to recover if and when it might become necessary.

See we do not know how this all came down so we do not have precise answers for you without benefit of the documents and details of the transactions in this purchase.

So you gets what you pay for here and that is not a whole lot of "this is EXACTLY what you do" because only a fool would say that based on the bits of info posted here.

 

[mitgr5200@yahoo]

Thanks

thank you Pojo2

 

[l_dirr]

I said I was on the mortgage..Don't know what that means?

I said I lent it to my daughter, I don't think that could possibly be an FHA loan, could it?

I didn't ask if it protected me. I just want it to be enforcable between me and my daughter.

And no, it is not on a napkin.

I know what I want to do, thought it was explained, apparently not clear enough for a lawyer, sorry

up to $2500 for what I asked ?, not likely



not very often do people get decent answers on this forum, a lot of eliteness, and smart alec stuff, but I will take what I can get, please, just do it without the attitude

save your sarcasm and such for another forum, don't waste your wit on me. Just a plain answer would be nice.

Thank You

You have to use words like heretofore and wherefore art and grantor and grantee and a bunch of other language that no other person can understand except a lawyer to make it clear enough for a lawyer to understand it. I don't understand what all the snippity "What the hell" and "Start with knowing what you want to do" is all about. We come to this website to get help with understanding what it is we want to do. That guy was a JERK!

Did you just want to loan your daughter 25k and write up terms for her to pay you back? I'd make a contract, sign it, have her sign it, notorize it, put it in a safe and bada bing you're in business. That's my advice. Have a nice day!

 

[John Se]

try this

after closing, because you cant borrow the down payment. write up a deed of trust and a promissory note, have it recorded and serviced by a title company. cleanest way to go, ask me how I know!

 

[pojo2]

Did you just want to loan your daughter 25k and write up terms for her to pay you back? I'd make a contract, sign it, have her sign it, notorize it, put it in a safe and bada bing you're in business. That's my advice. Have a nice day!

The lending is done! My point is regarding the issue John Se brought up about borrowing to make the downpayment etc. OP did not get the importance of the question.

In addition the funds may have been to secure the loan in both names thereby making the repayment subject to recovery at the sell of the property.

To many questions to properly answer the questions until lots more details are known about the loan so yes a simple IOU might do but it might not depending on the loan. The OP's interest might already be secured within that loan.