Refinance a Fractional Mortgage?

[Concept211 Junior Member Find all posts View Profile Close Concept211]

I was wondering if anyone could point me in the right direction for getting my fractional mortgage refinanced.

I've tried going to several national banks and credit unions but it looks like no one wants to touch a "fractional mortgage"...they especially cringe when they hear "timeshare". The difference with the property we have is that we keep it for life instead of the usual 99 years. But I'm sure in the lender's eyes, it's all the same.

Anyway, I would greatly appreciate if anyone out there could give me some advice as to who to contact to get a refinance at a "decent" rate. I have excellent credit so I at least have that going for me. Thank you very much in advance!

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Normal bank usually will not take fraction mortgage. You can try these companies - NextStar Funding, Vacation Finance, and Sterling (MI) Bank and Trust. Don't know if they are still in the market or not, since the leading fraction mortage company has withdraw from that market since 2008 crisis.

Jya-Ning

[Concept211 Junior Member Find all posts View Profile Close Concept211]

Thank you for the suggestions. I'll look into them and post my findings here.

In the meantime, if anyone else has any info for myself and other, please post it here.

thanks!

[LisaH Senior Member Find all posts View Profile Close LisaH]

Your best bet will be to take a home euity loan and use that to pay off your fractional mortage. No one in their right mind will refinance a timeshare since it's practically worth nothing or very little.

[Concept211 Junior Member Find all posts View Profile Close Concept211]

Unfortunately, a home equity line is not an option with the way the real estate market is in Florida right now.

To give a status update, Vacation Finance appears to be dead. Waiting to hear back from NextStar and Sterling.

[Spence Super Moderator Find all posts View Profile Close Spence]

me up, please !!!!!!!!!!!!!!!!!!!!