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Buying From Son |
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We want to purchase 1.5 acres from our son;who has an existing mortg. on the property of 40 + acres;how will this affect his mortg.We could lease the land but doubt if we could get financing on a home. It would help them financially and put us close to help as we get older. What are your suggestions? |
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Your son can call his mortgage company and ask about releasing that small amount of his land from the overall mortgage. You should have that done before you buy. Otherwise you'd have a problem financing the house you evidently intend to build. |
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Edith
Originally published on September 15, 2007 |
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