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Can you have a split mortgage on a property that you are planning to buy with another couple?

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deannie Joined: 24 Jun 2011 Posts: 1 1.28 Dollars($)	Posted: Fri Jun 24, 2011 6:16 pm    Post subject: Can you have a split mortgage on a property that you are pla Like 0 Dislike 0 My husband and I are planning to purchase a vacation property with his brother and our sister in law. Can we get our half of the mortgage set-up so that we can pay our half off at a faster pace ?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Jun 26, 2011 9:28 pm    Post subject: Like 0 Dislike 0 Hi deannie! Welcome to forums! This is something you need to clarify with your lender. It will be your lender's discretion whether or not he will give you such an option. Feel free to ask if you've further queries. Sussane
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Tue Jun 28, 2011 8:48 pm    Post subject: Like 0 Dislike 0 No. There aren't any loan programs designed like that. You'll all be bound to the Note equally, and the tough part about that is if the other couple encounters financial troubles and misses a payment. That happened to a recent client of mine, and their credit was damaged before they found out the other couple was having problems. If you do something like that, determine ahead of time how each couple can confirm the other couple is making their share of the payment on time. It'd be a good idea to have them send you their portion, and you make the full payment. _________________ Raymond Denton www.RaymondDenton.com

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