Debt2Assets

Family Loans and Your Home

High housing prices in some areas of the country have locked potential homeowners out of the market or have limited their housing choices to less than desirable properties. Inside Bay Area covered this phenomenon which has been getting more attention lately: loans from family members and friends.

Working much like a promissory note and enforceable in a court of law, these types of loans are changing the face of the mortgage industry, at least for some fortunate people. Loans of this type allow loved ones to help a family member, while receiving some income in return.

Tags: borrowing, home loans, lending, Mortgages