All Topics / Help Needed! / Equity loan bleeding mum dry

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  • Profile photo of matt1964matt1964
    Member
    @matt1964
    Join Date: 2012
    Post Count: 1
    May 19, 2012 - 1:39 pm

    My mum in law took out a home equity loan for $50k 4 and a half years ago and only paid $2k off it, as a result the amount owing has ballooned to $73k. Would like to help her out but in order to get finance would have to have joint ownership of house with her. She is on a pension so no hope of her getting a loan. Any advice regarding costs, legals, etc would be appreciated

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 20, 2012 - 11:56 am

    Matt if you wish to help her out i assume you mean offer some help with the repayments.

    If this is the case there is no reason why you need to be a party to the Title as all you would be doing is making the monthly repayments and reducing the loan.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 20, 2012 - 12:21 pm

    lend her some money? or encourage her to pay more than the interest each month. if she cannot efford to then she will have to sell eventually

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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