I have been the lender before(is an excellent banker) but i have never really come the “bank”
Therefore the years have come getting my personal brother and i also to market our home we very own which had been our parents family for the majority years. You will find an offer to-do a balloon loan more than 24 otherwise 36 months that have good 20% upfront fee. Except that the possibility of property destroy otherwise a default and you can being required to foreclose, what other downsides are there inside deal?
Without a doubt I’m preserving a bona fide home atty. to the techniques whenever we verbally arrive at words. Just interested if the people could have been down this roadway.
Comments
As to why a beneficial balloon note ? Whether they have 20% dollars, why can’t it get an everyday home loan and also you score the your hard earned money ?
He has got a poor credit records ? In that case, what’s the almost certainly hood you will actually ever see that balloon commission ? They would like to flip they ? Read more “I have been the lender before(is an excellent banker) but i have never really come the “bank””
