another mortgage question: bank said we cant get 2 mortgages for same house?

[abc]

trying to avoid the 'jumbo' mortgage rate... figure if I get a mortgage and another person in my family gets a mortgage...either both of us from same bank, or each of us from seperate banks... isn't any of this allowable?


1 bank said we can't get 2 mortgages from them their reason being because it's 1 property 1 mortgage.

i didnt think this was the case.

 

[conjur]

Uh, well, think about it.

Mortgage 1 gets defaulted on. Bank 1 moves to foreclose and sell the house.
Bank 1 finds out Bank 2 has a lien on it for the same amount and cannot sell the house.

Whatcha gonna do?

 

You don't GET a mortage. You technically give the mortgage to the bank.

A mortgage is the exchange of the title of the house, for the money to pay for it.
Only one person can own 100% of a piece of improved property.

 

[Dissipate]

Mortgages are a scam. The bank loans you money that they create from nothing. Have fun with counterfeit bills. Bwahahaha.

 

Originally posted by: Dissipate
Mortgages are a scam. The bank loans you money that they create from nothing. Have fun with counterfeit bills. Bwahahaha.

I'd like to mortgage the amount of money it takes for you to stfu.

 

[Dissipate]

Originally posted by: SampSon

Originally posted by: Dissipate
Mortgages are a scam. The bank loans you money that they create from nothing. Have fun with counterfeit bills. Bwahahaha.

I'd like to mortgage the amount of money it takes for you to stfu.

Whoa, what's your problem? Its a joke, sheesh.

 

[ggavinmoss]

Originally posted by: Dissipate
Mortgages are a scam. The bank loans you money that they create from nothing. Have fun with counterfeit bills. Bwahahaha.

Simmer down William Jennings Bryan.

-geoff

 

[astroview]

It's possible to have multiple mortgages, perhaps the issue is that the mortgages combined will exceed the value of the house and the bank doesn't want it? People get 2nd mortgages all the time.