How can 2 families co-purchase a home that one of those fam’s owns already so the orig. fam gets their $ out?

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The 1st family already has a loan on a house they built 5 years ago. They have 2 loans on it with about $ 30K equity, the 2nd family has added on, wishes to co-habitate and has put about $ 80K in. The tot. value of the house is about $ 300K. We wish to be 50/50. Yes there is a contract between the families. The orig. fam would like to get their equity out and split it with the 2nd family.
What kind of loan or refinance can we get in Texas to make this work. We would both like to be on the mortgage.
The 1st family already has a loan on a house they built 5 years ago. They have 2 loans on it with about $ 30K equity, the 2nd family has added on, wishes to co-habitate and has put about $ 80K in. The tot. value of the house is about $ 300K. We wish to be 50/50. Yes there is a contract between the families. The orig. fam would like to get their equity out and split it with the 2nd family.
What kind of loan or refinance can we get in Texas to make this work. We would both like to be on the mortgage and co-borrowers.

Key words: TIC, tenants in common, multiple family, dwelling.

1 Comment
  1. Reply
    Garden by M
    February 14, 2011 at 8:23 pm

    not enough info….two loans? 1st and 2nd? home equity etc. unless there is equity in the home that you can access, the only option is a personal loan unless you sell the house and have it deeded in both names…a reverse mort might be an option, however, that is usually only avail to seniors…..you could do a promissory note and use purchase money mort as a way to have the one party buy even amounts…ask a real estate atty

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