Do I have to have a Deed of Trust if I am getting a 2nd mortgage loan from my father. I do plan on deducting?

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I do plan on deducting the interest I pay on my taxes. He agrees to claim the interest on his taxes. I just don’t want to have to pay any real estate attorney or title attorney any more money than I already am. Can’t I set all this up on my own without using any attorney’s???

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  1. Reply
    MojoMan
    January 20, 2011 at 6:16 am

    If you want to do it right, you will need to execute a deed of trust to your Father outlining the loan amount, interest rate, the number of years for the loan, and the amount in dollars or as a percent for the late fees. Your Father then will want to record it with the county recorders office in order to protect his interest.

    The link that I provided should have the paperwork that you will need to do it on your own.

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