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CalAttorney2, Lawyer
Category: Real Estate Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney with experience representing HOAs, homeowners, businesses and others in real estate matters.
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Is it possible to buy a half interest in a house in

Customer Question

Is it possible to buy a half interest in a house in Louisiana which has a mortgage? The owner owes me money and is having trouble making the payments. If I bought half using the money she owes me as a down could we then split the payments and also split the equity after we sell in about 18 months.
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  CalAttorney2 replied 10 months ago.

Hello, My name is ***** ***** I will assist you today. Please give me a few minutes to write a response and identify any additional resources for you.

Expert:  CalAttorney2 replied 10 months ago.

Dear Customer,

You could attempt purchasing the property in this way - but it can be difficult with a mortgage on the property (there is usually going to be a "due on sale" clause that the lender will have the right to enforce).

A more common mechanism to deal with this kind of transaction/debt is for the owner to give you a lien interest against the home/property - so that when the home is sold or refinanced you are paid. You can do this by having the homeowner sign both a "promissory note" (the contract) and a "lien" (the document that will be recorded with the County Recorder's Office and ensure payment.

This would not obligate you to split payments, and it would not split equity - but it would ensure that you are paid a specific amount upon sale assuming there is sufficient funds from the sale to cover both the current liens (mortgage, and any other liens such as a secured line of credit).