U
Unregistered
Guest
Hi Guys,
I have a question. My wife and I gave (loaned) our nephew 10,000 for his down payment on his new construction. This house will be done next month and they will be closing in Jan. Since this personal loan was done without the bank or anyone else in the family knowing about it. How can we protect ourselfs? I honestly can't remember if during the loan process if he can name us the benefactors of his home if something was to happen to him. We already have a signed document stating he owes this money to us. Then i got to thinking.... What if something happened to him... We would be out that money. If we had something giving us the right to sell his house or transfer the remaining amount owed to someone in the family who wants the house.
What is the best way to protect ourselves?
Thanks,
Michael
I have a question. My wife and I gave (loaned) our nephew 10,000 for his down payment on his new construction. This house will be done next month and they will be closing in Jan. Since this personal loan was done without the bank or anyone else in the family knowing about it. How can we protect ourselfs? I honestly can't remember if during the loan process if he can name us the benefactors of his home if something was to happen to him. We already have a signed document stating he owes this money to us. Then i got to thinking.... What if something happened to him... We would be out that money. If we had something giving us the right to sell his house or transfer the remaining amount owed to someone in the family who wants the house.
What is the best way to protect ourselves?
Thanks,
Michael