From: "USAHomeDreams.com" 
Newsgroups: alt.invest.real-estate
Subject: Re: How to setup privately held mortgage?
Date: 07 Oct 2003 15:57:46 GMT

Any Real Estate Attorney in your area will know all the answers and have all
the proper forms and documents.

Wouldn't you rather qualify yourself and own the property outright? Your
relative would get their cash now and you wouldn't have the dreadful
situation of being in debt to a relative (not necessarily but quite possibly
dreadful).

That is, however a great interest rate - especially if you're setting it up
as a Fixed 30 with no MI or prepayment and at 100% LTV.


"Jeff"  wrote in message news:3f82e162$1@news.microsoft.com...
> I have family member who would like to hold a mortgage on a home I will be
> purchasing.  The mortgage will be an interest only mortgage at 5%.
>
> How do we set this up legally so my payments are deductable and all the
> necessary documents are in place?
>
> Would a real-estate attorney be the best resource? Is there online info?
>
> Thx.
>
>