Home Buying in Brookfield>Question Details

Knownworld, Home Buyer in Worcester County, MA

How can I get financing fractional ownership of a home?

Asked by Knownworld, Worcester County, MA Fri Mar 8, 2013

Hello,
A friend has partial ownership of a home in MA (5/12) to be exact because there are other heirs to the property. She is willing to sell me her share but I would need to get a loan. How would this be possible? We have spoken to a lawyer about clearing the title an removing the other heirs of which there are many (could be over 100) by would need to wait to do this as it
Could cost 20k plus. Is there any way to finance the 5/12?

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Answers

2
There is only one way and that is to have all the owners sign the mortgage. Without their signitures the lender has limited interest in the property and may fall way behind other liens.
0 votes Thank Flag Link Fri Mar 8, 2013
I would talk to a local credit union or small bank (like Cambridge Savings bank)... start there and see who they point you to. If you have your own home with any equity in it, you could take out a line of credit.
0 votes Thank Flag Link Fri Mar 8, 2013
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