If i own a house, with a lot next door with 2 seperate mortgage loans, how can i turn it into 1 payment?
Posted in Renting & Real Estate on 08/30/2010 07:47 pm by admin
2ManyQuestions asked:
I own a home, and i own the lot next door which has nothing built on it. They are both financed by different banks. I would like to get both of them and have 1 mortgage payment, like a re-fi for both of them in 1 note. I was told that i needed to re-plat my land in order for this to be possible. What suggestions do you have? I wanted to get money out of this to pay off debts that i have, but with the refi it problably wont be enough. if my home appraisal comes out higher than what i bought it for, should i sell it to my common law wife to get that extra cash?
Ann
I own a home, and i own the lot next door which has nothing built on it. They are both financed by different banks. I would like to get both of them and have 1 mortgage payment, like a re-fi for both of them in 1 note. I was told that i needed to re-plat my land in order for this to be possible. What suggestions do you have? I wanted to get money out of this to pay off debts that i have, but with the refi it problably wont be enough. if my home appraisal comes out higher than what i bought it for, should i sell it to my common law wife to get that extra cash?
Ann
08/31/2010 at 4:44 am
Christina
You would need to have the two lots replatted into a single lot, then refinance both loans.
09/02/2010 at 12:35 pm
Lori
You can probably ask one of the banks to give you a mortgage loan to pay off the other bank, so you can combine both mortgage bills into one. During this economy, there is no way you’ll be offerred more than what you paid for. You should be happy that you’re not foreclosing. If you’re still married to your wife, I don’t see why you can’t ask her to borrow money to pay off your debt instead of telling her to buy one of your properties. What kind of relationship do you have with your wife? Is it just business?
09/02/2010 at 6:48 pm
Sue
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