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borrowing against an undivided 1/2 interest in a paid for property

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jimabertelsen Joined: 14 Apr 2009 Posts: 1 1.30 Dollars($)	Posted: Tue Apr 14, 2009 4:46 pm    Post subject: borrowing against an undivided 1/2 interest in a paid for pr Like 0 Dislike 0 my X wife and i own 120 acres that are paid for. She does not need any money now. I do. Can I use my 1/2 interest in the piece of property as collateral for a loan or a line of credit. the value of the property is somewhere between $800'000 and$1,200,000. These figures come from an appraisal that we had done
smckaybiz Community Expert Joined: 24 Apr 2008 Posts: 195 Location: PA 10.64 Dollars($)	Posted: Tue Apr 14, 2009 6:25 pm    Post subject: Like 0 Dislike 0 hello Jim, I don't think you can without her agreeing to it. Is there any way that you could have the land sub-divided into two equal halves? _________________ Scott McKay FreeOnlineCreditGuide.com
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Tue Apr 14, 2009 7:52 pm    Post subject: Like 0 Dislike 0 Hi jim! Welcome to forums! Until you divide the land into two halves, you'll not be able to take a mortgage on your portion of the land. If you do not wish to subdivide the land, then you'll have to take mortgage on the property as a whole. Feel free to ask if you have further queries. Sussane

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