Posted by e*star on November 22, 2002 at 16:06:45:
In Reply to: gift of equity... posted by Amy on November 22, 2002 at 11:36:13:
We did this when we bought our home from a family member. Our mortgage officer suggested that we write up the purchase price for $10,000 more than what we had agreed on, thus, she gifted us $10,000 in equity. I don't know of any negative implications, because I believe this is tax free. And now we have twice as much equity into our home than we would otherwise.
- Caution: Fraud ? John Merchant 22:09:07 11/22/02 (0)