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Updated over 15 years ago on . Most recent reply

Ivan Poon's profile image
Ivan Poon's profile image
Ivan Poon
  • Accountant
  • Member since Aug 12, 2009
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Ivan Poon's profile image
Ivan Poon's profile image
Ivan Poon
  • Accountant
  • Member since Aug 12, 2009
Connect
Ivan Poon
  • Accountant
0
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29
Posts
Private Lending & Conventional Mortgage Advice

Turning a loan from a relative into a conventional mortgage to buy a house?

Ivan Poon
  • Accountant
Posted

Hi guys,

I have an opportunity for a $245k foreclosure, but the bank is only accepting cash only.

I'm going to put down 90K while my parents put down the rest.

Is it possible to turn around and refinance through a traditional 30 year mortgage so i could pay my parents back right away and end up only owing the bank instead of my parents? Thanks!

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