So the context behind this is that my stepfather owns a property with his nephew, and I'm looking to renovate it and move in, but my stepfather's nephew needs to be bought out of the mortgage so that it's owned solely by my stepfather, who would then let me live there rent-free as long as I pay the taxes and utilities for the house, and then ownership would go to me once he passes. Sounds like a good deal, except I'd need to come up with about $36,000 to pay off his nephew as he just doesn't have it. Essentially I'd be getting a house for $36k.
This doesn't seem like a situation that a mortgage lender would finance, but I also am extremely wary of a personal loan to accomplish this. My credit also could be better and I'm working on getting that fixed somewhat before I dip my feet into this. Do I have any other options that might accomplish this?
Submitted February 10, 2021 at 05:46PM by themagnificentvoid https://ift.tt/2MXhX4J
