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Two Units Mortgaged |
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Purchased a Chicago condo that was 2 units originally but when we purchased they had been combined into one. We have since split them back into their original units and are selling them separately. The taxes and title will not be a problem, but how will the mortgage work? Will we need to refinance? Will we be able to pull out some money or will it all need to go to pay the remaining mortgage? Thanks for your help! |
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You'd better consult your mortgage lender before you sell of the first unit. Your buyer will want a release of the lien against that half of your property before turning over the money. What you have now has become what's known as a package mortgage, and there will be a procedure for releasing part of it in return for a partial payoff. |
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Edith
Originally published on July 16, 2007 |
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