Can I take out a loan on my 1/6 share of a piece of property, in Calif., without affecting other owners?

Asked about 1 year ago - Corning, CA

Property is owned equally by 6 siblings

Attorney answers (3)

  1. Christine James

    Pro

    Contributor Level 19

    2

    Lawyers agree

    Answered . You can but it will be difficult to find a lender who will loan against the property. You might find a hard money lender but it will be expensive. Your better bet may be to move the administration and sale of the property along if you can. Or you can have one of the other beneficiaries buy your share out. You have options. Try to think your position through so that you don't regret it later.

  2. Charles Adam Shultz

    Contributor Level 19

    1

    Lawyer agrees

    Answered . If a lender is willing to loan money to you, that is the lender's choice, provided you own the property outright. Unless you are taking very unfavorable terms, I cannot forsee a lender given you a loan secured by a 1/6 interest in real property.

    If this is in a Probate, I really dont see it happening.

    The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or... more
  3. Robert Bruce Laing

    Contributor Level 7

    1

    Lawyer agrees

    Answered . If there is a Tenancy-In-Common agreement your rights to borrow against your interest might be restricted. If the property produces income, you will have a better chance of getting a loan, but it won't be a great loan. If the property does not produce income, you will have a tougher time getting a loan. If you want cash for your interest, I recommend you approach your other siblings and see if one or more of them will buy out your interest.

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