Posted by Ron on May 26, 2005 at 22:54:12:
California. Ok Can one party sell its 1/2 interest in the property?
Can I put a mortgage on 1/2 interest … - Posted by Ron
Posted by Ron on May 26, 2005 at 24:39:17:
Can I put a mortgage on 1/2 interest of a property?
Spouse wants to borrow money against his 1/2 interest in a property. Do I need the wife to sign the papers as well? What happens if he stops paying me? Can I foreclose on the whole property, or just on his 1/2 interest.
Thank you for your inputs
Re: Can I put a mortgage on 1/2 interest … - Posted by John B. Corey Jr.
Posted by John B. Corey Jr. on June 02, 2005 at 17:10:06:
The simple answer is the deal will not work.
The lender wants a lien on the title and they will want to lien the full title. You can not split the title to secure a loan.
People can have a less then full interest in a property (and therefore the title).
As a lender you do not want to passive sit and wait because you lack control. Hence a lender will not be interested in a partial interest that is undivided as they can not afford to wait for the other party to sell.
John Corey
Chelsea Private Equity LLC.
Re: Can I put a mortgage on 1/2 interest … - Posted by Michael Steele
Posted by Michael Steele on May 26, 2005 at 13:10:19:
Are you the selling party? If so then no you can not sell off half of a property (single family property). Possibly if you seperated parcels of a multi-fam mabey - I hope I was reading your statement right. If you are in a non-dower state then you might be able to finagle something.
Michael Steele