Posts by Ronald Stewart63

So, here’s the actual response from one of the banks...

Dear Customer,
thanks for checking out what our bank has to offer. Chase offers a whole bunch of different mortgage products, so I've attached some flyers with all the details for you.
To actually get a mortgage approved, there are a few hoops you have to jump through. One of those big ones is that you've gotta put the entire property up as collateral, mostly because it isn't legally subdivided yet.
You can play around with the credit calculator on our website (www.chase.com), or if you want the deep dive, just swing by your local branch or give our toll-free info line a ring at 1-800-xxxx.

Best,

John Doe
Chase Bank
Customer Service Center
New York, NY 10001
tel. 1-800-xxxx
e-mail: info@chase.com

Sadly, 👎

Good luck... with that investment 👍

Maybe this might actually be useful. You could take this down to the bank and see if they'll bite...

Article 35.

(1) A mortgage can be recorded against an entire property parcel or as a lien against a specific co-owner's undivided interest. You can't just slap a mortgage on individual components of a single property parcel.

Henry Parker7, I don't think it looks like a condo unit. The ideal share is some mystery piece of nothing. Is it actually subdivided into two distinct ownership parts (and recorded in the books)?

Just saw the update—so subdivision isn't an option. That doesn't leave much room for maneuvering, but like I said before, there’s supposedly a loophole somewhere, though I never quite managed to pin it down myself. The old cats working at the banks usually know where the bodies are buried. Don't bother asking the rookies; they haven't a clue what's going on.

I'm probably not much help here.🤷

It really just depends on whether the house is subdivided—you know, if you can actually point to your specific unit. But if you just own a 50% stake in the whole thing without knowing which part is yours, then yeah, you’re probably stuck unless your co-owners jump in to deal with the mortgage.

I actually tried looking for the same thing once, but came up empty. I guess you’d have to pull some strings with someone you know at a big bank like Wells Fargo, because apparently there’s a loophole or something (though it sounds pretty shady), but I ended up finding a workaround and just stopped digging.