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Money and Finances
Reply to "Offered friend loan of $80k"
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[quote=Anonymous]This is one of the worst ideas I've ever heard. First, OP, unless your friend has more than $80,000 in equity in her house, giving you a lien is useless. She might as well be giving you a lien on her yacht or Parisian penthouse. Further, if she co-owns the house, the co-owner has to sign on to the lien for it to be valid, just as if she took out a home equity line of credit. Which destroys any idea of keeping the partner out of this. So since the partner has to know anyway, if friend has the equity, she should take out the HELOC and you should keep your money. The only reason to take your money instead is because there are apparently no consequences for default. Also, I agree with literally everyone else that you will never see a dime back from her. Truly, if you feel like gving away $80K, there are lots of genuinely needy people in the world. This friend is not one of them. I'm dying to know - what did your spouse say when you told him/her? [/quote]
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