Sister loaning money and wants mortgage

This is a discussion on Sister loaning money and wants mortgage within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; Connecticut. My sister has agreed to loan me money to prevent foreclosure and wants a first mortgage on the property ...

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Old Jun 26th, 2012, 01:37 PM   #1
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Default Sister loaning money and wants mortgage

Connecticut. My sister has agreed to loan me money to prevent foreclosure and wants a first mortgage on the property to protect herself. There is no current mortgage. Is there an inexpensive way and forms that can be done to accomplish this ? Thank you
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Old Jun 26th, 2012, 01:40 PM   #2
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Connecticut. My sister has agreed to loan me money to prevent foreclosure and wants a first mortgage on the property to protect herself. There is no current mortgage. Is there an inexpensive way and forms that can be done to accomplish this ? Thank you
Ok, help us out, if there is no mortgage, what is being foreclosed upon?
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Old Jun 26th, 2012, 05:37 PM   #3
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Default Re: Sister loaning money and wants mortgage

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Connecticut. My sister has agreed to loan me money to prevent foreclosure and wants a first mortgage on the property to protect herself. There is no current mortgage. Is there an inexpensive way and forms that can be done to accomplish this ? Thank you
If there is threat of foreclosure, there already is a first mortgage. Unless your sister pays the mortgage off, she cannot get a first mortgage, only a second mortgage.

You cannot be facing foreclosure and have no current mortgage. Can you explain?
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