Can I get a home equity loan if there are two mortgages on the house already?

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My mom is planning to add my name to the title or deed for our home. She already has two mortgages on the home, the original and then a second that was a loan for the roof. Would I be able to get a home equity loan for this home. I live in Milwaukee, WI

  1. Reply
    My Take on It
    February 11, 2011 at 4:14 pm

    Is there any equity left?

  2. Reply
    February 11, 2011 at 5:03 pm


  3. Reply
    Beverly S
    February 11, 2011 at 5:03 pm

    No mortgage company or bank will do a third mortgage. Also you being added to the title does not let you borrow against the property until you have ownership for 12 months & then your mom would also have to sign. You would most likely have to pay off both existing loans to get a new one.

  4. Reply
    Arbor Mortgage
    February 11, 2011 at 5:41 pm

    In theory it’s possible, but not very likely. A previous poster posed the more important question here, Is there any equity left? If so, it may be possible to refinance that 2nd mortgage and take additional cash out from it. If your mom already owes more than 80% of the value of the home, it will be unlikely that you can obtain any additional financing.

  5. Reply
    February 11, 2011 at 6:22 pm

    Mortgage loans are based on the equity in a property (house) not the number of mortgage loans you take out against the house.

    Most lenders will not approve a third mortgage. They will however, approve a second mortgage. This would mean that the company you are planning to borrow the money from would want and demand
    that you pay off the existing mortgage loan. What ever is left after paying off the current second mortgage loan you would get in your hands.

    Normally a lender would only lend up to 80% of the value of the property. Therefore if you have that type of equity then you might be approved for a mortgage loan, but only after paying off the existing second mortgage.

    I don’t know why your mother is adding you to the title deed, because she would lose overall control of the property. If you and your mother are still set on her signing you on and becoming one of the owners of the property, please do this signing through a local title company. Going through a title company could possibly prevent potential legal problems.

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  6. Reply
    February 11, 2011 at 6:41 pm

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