I am purchasing a home from a family member at what he owes on the home, there will be over $100,000 in equity. The lender, now at the end of the loan application process, a day before our closing, now is requiring the owner (my family member) to state that he is giving the buyer (me) $104,000 as a gift of equity. The owner says he doesn't have to do anything, he can sell the house for what ever he wants to. The lender says they will charge us an extremely high interest rate if the owner will not sign this gift of equity sales contract. I am so frustrated!!!! This loan application was approved on October 19th, can they change all this at the last minute?
2006-11-07
14:10:25
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7 answers
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asked by
Amy H
1