Legal Question in Real Estate Law in California
Mortgage from Private Lender
My father offered to be my mortage lender for the property I currently own. He can give me a better interest rate than I am currently paying. As a lender, does he need to file something with the state or county stating that he is my lender?
1 Answer from Attorneys
Re: Mortgage from Private Lender
I don't know whether or not your father is in the business of lending money. If he is, then there are loads of compliance issues he must follow. I would recommend contacting the California dept. of real estate for those answers. However, if your father is paying off your mortgage and then lending you money to buy the home for which he will receive payments as the lender, he does not have to comply with any state regulations. He will have to notify the IRS and the Franchise Tax Board of his interest income. Good Luck.
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