Legal Question in Banking Law in Illinois
my son wants to borrow 53k for a house and pay me $500 a month $400 on loan and$100 for interest for 5 years and than get a loan to pay me off...does this sound right.
Asked on 5/09/13, 12:42 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Not sure what you mean by "right." It would not be the usual way of calculating a payment. In any event, I would suggest hiring an attorney to represent you in the transaction, since there are documents you should have prepared and recorded to protect your interests.
Answered on 5/10/13, 1:03 pm
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