From: nomads9@hotmail.com (GoldTrader)
Newsgroups: misc.invest.real-estate misc.invest.futures misc.invest.stocks uk.finance.stockmarket uk.finance
Subject: Re: Shared Ownership of a Property
Date: 20 Feb 2004 15:01:05 -0800

Look, I am on the other side of the planet.  But in essence, you want
to finance 120,000 against a property worth 360,000.

There should be no problem doing this.  If the mortgage goes into
foreclosure, it is against the whole property anyway.

What I guess you are doing is trying to get the bank to take a second,
when you do not have a first.  So why not see if you can give your mom
a first then get the second from normal sources.  Then if it goes into
foreclosure your mom gets her cut first.

The other way could involve a corporation or what we call an LLc.

Why don't you just get the seller to accept a secured I.O.U. for your
part?

cydewhur@mobile0.fsnet.co.uk (David Jensen)  

> ie. We're considering a property of about 360,000  
> We have a deposit of 60,000
> My mother-in-law has about 180,000 which she would use to purchase 1/2
> of the property
> The remainder (120,000) would be a joint mortgage between me and my
> wife
> 
> Is this kind of arrangement possible?
> 
> Are there any alternative ways of making such an arrangement whilst
> retaining ownership by each involved party?
> David