How long should I wait before I my friend (who co-signed my mortgage) of the contract?

What are the risks if my friend has accepted the loan conditions are so I can get a loan Greatti .. my plan is, after all, they take the loan ASAPübrigens I have excellent credit is that I need another job, money only pays, and if I had to ask for the loan documentation Complete .. So I could not prove my income .. with other work I applied I am sure can pay the mortgage w / no problem, because I can not agree to buy w / a mortgage with a home run.
My daughter and son-in and took two small children in the United States from Italy and my husband and I lived for the last 7 months. Want to buy a house, have to put $ 75,000 in cash, and I recently took a second mortgage (15 years 6% fixed rate loan home equity) free loan for $ 160,000 for interest, so that they buy a home with money for $ 235,000. But my husband and others tell me they can with the IRS, etc. kompliziertWir expected, the documents showed how a promissory note and said that to make monthly payments on the loan is $ 160,000, which is under my name. And if she should die or move out of the loan, would pay the price for the sale of the house to repay the loan at $ 160,000. Do I interest you in charge? Are you really going to repay the loan, which is under my name and is already paying a 6% interest. Is it the fact that more than 100,000 dollars is a problem with the IRS and interest-free loan of the family is? This is not a gift because they pay ausgeschaltet.Es this is very complicated and I do not want a great gift tax on interest or imaginary, or, worse still stuck, get into trouble. Do I need a lawyer or can we just note Quicken Lawyer order and be OK? I hope to pay my daughter and son-that the loan in my name. It is precisely for them to get a loan, because now the requirements for 2 years stay, 2 years hard work and 2 years in the credit of the United States. House prices are falling and I want them to be able to buy one now.

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