Updated over 15 years ago on . Most recent reply
Real Estate and Divorce
Possibly my first opportunity to get into real estate. Unfortunately my parents are getting divorced after 18 years. Their house which was appraised last year at 630k is now appraised at 545k. They owe a little over 20k. My mom will be keeping the house because dad will be moving out. She will be giving him 200k. Now is order for my mom to give dad 200k is to take out a mortgage. She is planning on taking a mortgage for 200k plus the remaining current mortgage balance of 20k plus about 40k extra to completely pay off credit cards and lawyers. In all she is planning on taking out a mortgage for 280k. So is there any other way to do this, possibly get me involved so I could get my feet wet and it will benefit my family as well as my mom> What kind of different loan options are there. Im trying to say, is what is the best route to take?