I own a duplex in New Jersey. The bottom is our private residence - the top is a rental. Can we sell the top floor? Help with the mortgage.

Asked by Beach, 50055 Sat Oct 29, 2011

We own the property but we are upside down on the mortgage. We were wondering if we could see the top floor, it has it's own electric service, phone service and cable . the gas is for both floors.

Since we are upside down on the loan and Bank of America will not do a modification - we thought if we could sell the top floor - that would help with payments etc.

Please advise - again it is in New Jersey

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John Juarez, Agent, Fremont, CA
Sat Oct 29, 2011
If your building consists two legal separate properties, you can sell one of them. If it is a duplex which is one multi-unit property you will not be able to sell half of the property. As Terry has suggested, you could theoretically sell a one-half interest but that is not realistic.
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Terry Bell, Agent, Santa Rosa, CA
Sat Oct 29, 2011
Your mortgage covers the entire property and you cannot sell part of the house! You could sell a part share ownership in your total property interest, but whether you could find someone to go in on that arrangement may be hard to find when they see the terms of the note. Seek out family and friends and a real estate attorney to advise you on the feasibility of such a partnership. Best, Terry Bell, Realtor, Santa Rosa, CA
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