Posted on: 02nd Dec, 2012 01:08 am
The property is owned free and clear by 4 family members with different percentages. Can a mortgage be secured with only 2 members applying ?
The property is in Illinois
The property is in Illinois
It is possible but all owners will have to sign the security instrument pledging the property as collateral.
Hi hals,
I agree with what Jhelwell has said. The two owners who are a part of the deed will be able to get a mortgage in their names if they meet the required criteria of the lender. However, prior to taking out the mortgage both of them will have to take the permission of other members as well.
I agree with what Jhelwell has said. The two owners who are a part of the deed will be able to get a mortgage in their names if they meet the required criteria of the lender. However, prior to taking out the mortgage both of them will have to take the permission of other members as well.