- Joined
- Oct 26, 2016
- Messages
- 12,158
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- Tampa Bay area
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- Political Leaning
- Slightly Liberal
No good deed goes unpunished?
Nay, I don't believe that!
My alcoholic 59 year old sister-in-law lucked into inheriting a home from a lifelong friend. Acquiring title required an attorney and complex negotiations. To increase her prospect of success, I gifted her over $6000 by paying two years of back property taxes on said home... and I assisted in the complex negotiations. After I loaned her the money necessary to settle the estate, in spite of not filing tax returns for decades, prior tax liens and no savings, she acquired title to the home. Thereafter, I lent her additional money for a new roof, other urgent repairs and the normal costs associated with the refinancing of a home. Of course, I did so via a secured and recorded mortgage and using a competent closing agent at a title company. My sister-in-law does not qualify for conventional financing. In total, not including the gifted tax payment, I lent her $50,400 at $10 interest with a 3 year Balloon. She pays $760/month... $420 in interest, $340 for tax and insurance escrow.
As a real estate broker/Realtor, I estimate her current equity position in the home at about $200,000. After providing a critical link to the first and only home she has ever owned, she hates my guts. She has three adult daughters. My 26 year old daughter died last month. My sister-in-law did not offer a single word of sympathy.
I don't regret helping her. I consider her insensitivity and ignorance as symptoms of her alcoholism.
In any event, if she does not pay as agreed, I have the legal recourse to foreclose.
Nay, I don't believe that!
My alcoholic 59 year old sister-in-law lucked into inheriting a home from a lifelong friend. Acquiring title required an attorney and complex negotiations. To increase her prospect of success, I gifted her over $6000 by paying two years of back property taxes on said home... and I assisted in the complex negotiations. After I loaned her the money necessary to settle the estate, in spite of not filing tax returns for decades, prior tax liens and no savings, she acquired title to the home. Thereafter, I lent her additional money for a new roof, other urgent repairs and the normal costs associated with the refinancing of a home. Of course, I did so via a secured and recorded mortgage and using a competent closing agent at a title company. My sister-in-law does not qualify for conventional financing. In total, not including the gifted tax payment, I lent her $50,400 at $10 interest with a 3 year Balloon. She pays $760/month... $420 in interest, $340 for tax and insurance escrow.
As a real estate broker/Realtor, I estimate her current equity position in the home at about $200,000. After providing a critical link to the first and only home she has ever owned, she hates my guts. She has three adult daughters. My 26 year old daughter died last month. My sister-in-law did not offer a single word of sympathy.
I don't regret helping her. I consider her insensitivity and ignorance as symptoms of her alcoholism.
In any event, if she does not pay as agreed, I have the legal recourse to foreclose.
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