Posted by David Lucas,
As the mortgage market melted down this summer and the credit markets grew chaotic, Michael McCandless, a Lexington, Mass.,software developer, watched with detached curiosity. Unlike most buyers scheduled to close on new homes in mid-August, he knew his lender would come through as agreed.
The reason? The McCandlesses were financing the purchase of their dream home with a jumbo mortgage underwritten by a generous sister-in-law.
Borrowing money from one’s own inner circle is neither new nor uncommon. But it can harbor the kind of mismatched expectations that impact the Thanksgiving dinner guest list for years to come if done with too much informality.
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