Family loans – Need advice on loans between family members.?
My mom made personal loan to my son in amt of 40K+ She took out mortgage on her home. Loan IS being repaid, but slow & inconsistant. Need pymt plan to ensure all her costs & interest will be covered in repymt. Also, need to file (somewhere) to ensure legality should anything happen to payee or payor. Do not want references to loan companies, want to do ourselves, but need guidance as to templates, outlines, etc. to figure interest, etc. and how & where to file to ensure it’s legally binding. Looking for “how to” suggestions, not names or references to loan institutions.