A Lady I met needs money fast. She's behind in her mortgage. Also needs money to pay an attorney for some personal matters. Her credit is not good, so its difficult and costly to go the equity route. My credit is excellent. So she wants to surrogate the house to me,. the title would be in my name as well as the loan. But she wants to remain owner. This way she doesn't have to move, just make my mortgage payments for one year to clear up her credit and then, she'll either buy the house back or sell it to a 3rd party. She'll give me $20,000 upfront for doing this. here are the terms so far: Surrogate Contract 10/16/2006 This is a contract between Terry Atlas (seller) herein call Terry and Ronald Braksdale (buyer) herein call Ron. 1. Sales Prices 450,000 2. Ron (surrogate) to get 20,000 at closing 3. Terry is to pay all monthly payment 4. Terry is to get all tax write off 5. Terry is to set aside 6,500 in case of emergence and unable to make payments 6. The account is TBD in escrow. 7. Terry is to buy the property back in one year, or sale the property to a third party 8. Seller to pay all closing cost 9. Tim Turner is to be paid a 2% broker fee 10. Terry is responsible for all rehab work. 11. When the property sales all net proceeds is to go to Terry Atlas 12. In the Event Terry get behind on payments Ron has the right to sale the property Immediately and collect all back payments and collect all net proceed. Does this look like a good deal, or are there other considerations I should ask about? I'd love your advice and comments, Ron
