Question by Angela: Is there such a thing as a “combined mortgage“?
I need to refinance my mortgage out of the ARM I have ASAP. My father is also interested in refinancing his home to a lower rate as well. He has been talking with a Broker about a “combined mortgage” (I have never heard of this, I am also in the mortgage business).
I originally thought the man will be doing the refi on my fathers home, taking cash out, and paying off mine, but he says this isn’t the case. There will be a “ghost lien” placed on my property and each of us will be making payments to the loan…can someone explain this process? I’ve never heard of it.
Does this even exist? What are the pro’s and con’s of combining our mortgages (as far as property taxes and interest payments goes) and will this affect my credit and income tax deductions? Am I better off refinancing on my own?
Thank you!
Best answer:
Answer by kemperk
A; there is no such thing as a ghost lien–he might be saying that you
will sign a promissory note instead of
a mortgage note. And he likely will not file it. It is legal to do so but
very stuip cause you would not be
protected in a payoff.
b; I think he also was taking about
[combo] a blanket mortgage covering
2 or more parcels.
I suggest getting in writing what
he suggested to you and
then, finding another mortgage
broker.
And do not have your dad help you
re-fi your home–it will lead to
sour feelings inevitably.
Hope that helps
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