Posted on: 28th Mar, 2009 08:38 am
I;ve I inherited some property back south. I don't own it out right, it is split among a few family members. My estimated share or value is 1/9 of the total property. The property's value is around 65,000. My share around 6 to 7 thousand. Is there a programs or loan company out there that would let me use that as collateral towards a loan
I would guess that ALL the property owners would have to sign to a loan. Are you close with your family :)
Can I just get a loan for myself using my percent without getting the rest of them involved?
well, look at it from the banks point of view, if the loan defaults, how do they sell 1/9 of a house?
Hi gedomoore,
I agree with Bill. You'll have to use the whole property as a collateral. You cannot use the 1/9th of the property as a collateral. You may ask your family members to transfer the property in your name. If they do so, then you can use the whole property as a collateral.
I agree with Bill. You'll have to use the whole property as a collateral. You cannot use the 1/9th of the property as a collateral. You may ask your family members to transfer the property in your name. If they do so, then you can use the whole property as a collateral.
this is an absolute. there is no real collateral if the only "collateral" is a tad bit more than 10% of the property. no lender could go ahead and do that.
you ought to be able to find somewhere to lend you $6-7000 without collateral, don't you think?
you ought to be able to find somewhere to lend you $6-7000 without collateral, don't you think?
