hg6806
2015-01-08 14:22:13
- #1
OK, then I have to elaborate further.
Almost 6 years ago, I bought two condominiums, one fully financed and rented out as an investment property, and I put about 100,000 in equity into the other and lived there myself.
Unfortunately, I had a total mortgage registered on both apartments. Now, with the new construction, I sold the owner-occupied condo, and this is now becoming difficult because of the shared mortgage. The bank reappraised the rented apartment and found that nearly 34,000 in collateral is now missing. And I had to put that amount into a savings account, which they have pledged.
If I could register another mortgage on the house, that would of course be great, but I think both banks would have to agree, and that will be very difficult.
Almost 6 years ago, I bought two condominiums, one fully financed and rented out as an investment property, and I put about 100,000 in equity into the other and lived there myself.
Unfortunately, I had a total mortgage registered on both apartments. Now, with the new construction, I sold the owner-occupied condo, and this is now becoming difficult because of the shared mortgage. The bank reappraised the rented apartment and found that nearly 34,000 in collateral is now missing. And I had to put that amount into a savings account, which they have pledged.
If I could register another mortgage on the house, that would of course be great, but I think both banks would have to agree, and that will be very difficult.