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I own property valued at 270k, and I want to borrow against it to buy adjacent property at 240k

I would not qualify for a loan for the 240,000 without borrowing against what I own, but I also don't want to jeopardize both properties should something happen. It is family property that I want to keep together.
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September 07 2013 - US
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Answers (2)

re: Jeopardize both properties

   Recommend you seek legal advice. Usually when obtaining a mortgage, you sign Deed of Trust (may be called different name in your area) and you sign a Note... Deed of Trust binds mortgage/trust to property. The Note, your personal guarantee to repay the money.
  If something were to happen to the mortgaged property (lose job, lose house/property) it may affect any other property- meaning property, bank accounts, garnishment of wages, etc. that you have.
  Check with attorney to dicuss what options are available.
Best to you.
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September 09 2013
Sounds good - talk to a couple LOCAL mortgage professional and ask their advice.... DONT just talk to one !
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September 08 2013
 
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