Aapanghar, Home Owner in Floral Park, NY

Is it permissible by the Mortgage bank to include an outsider to convert it to double fam home on sharing ownership basis?

Asked by Aapanghar, Floral Park, NY Tue Mar 22, 2011

Is it permissible by Mortgage Bank, If owner of a single-family home wants to convert it to a double-family home with financial participation of an outsider, who will be joint owner of the property and jointly responsible for payments of EMI ?

Help the community by answering this question:


Are you trying to add a person so you can share
the monthly payment and that person can share
The built residence? If yes then you are talking
about refinancing. That will allow you to add the
Person on the mortgage. If its only for the sake
Of ownership then you can just add the person
On the deed and also determine their ownership
Ratio on the deed at that time. But remember,
This still keeps you 100% responsible for the
Mortgage payments and you give away half the ownership
as opposed to refinancing where he/she is
equally responsible for the payments.
0 votes Thank Flag Link Wed Mar 23, 2011
Before considering such a scenario, check with the town's building department regarding zoning, permit, c/o issues, then go from there....
0 votes Thank Flag Link Tue Mar 22, 2011
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