I want my father in law to purchase my home. How much will it cost him?
My wife and I purchased a home about a year and a half ago we did not have the best of credit and got a whopping 10.2% interest rate. So our house payment is about $ 1300.00 a month on a $ 137,000 mortgage, along with a 5,000 second to pay the closing and a loan off from the man we purchased it from.
so our total monthly payments are $ 1500.00. So my dad offered to buy the house and we pay him the payments, so we could get out of debt. So when he purchases the home it will be about $ 142,000 and that will be probably what the house appraises for. We don’t have any money to give my dad for closing or down payment. How much do you think he will have to come out of pocket with? Is there a way to minimize the amount he has to come out of pocket?
but plus that at the closing day i loan some money to this people for their down payment.,and they sing a second mortgage now they refuse to pay me and cant foreclosure because provably the first position mortgage is going to get everything and at the end there not going to anything for me what can i do this people are paying thier first mortgage on time but them dont want to payme.