combining 2 deeds with two titles and 2 mortgages into ONE

[Webbed Feet]

You are correct that info given to me was not that good although it came from a professional loan and mortgage advisor.
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No, I don't think that info came from a professional at all. Your first mistake is thinking of those people as "professional loan and mortgage advisors." If you start thinking of them as similar to used car sales people, you'll be much better off, and understand their motivations much better than you have been.

 

[Webbed Feet]

The lot with the house is 1.5 acres and the other land part is 8.2 acres
Yes you can build on the land.
In the past there was a trailer home on it what has been removed and that is the reason there is water,elec and septic connected.
It has also a big workshop garage,2 insulated sheds,a animal shelter and a chicken coop on it and a fully fenced pasture.
You can only subdivide in lots of 5 acres on this road.
The lot with the house on it was sub divided illegally as we found out a few years ago.The 2 combined would do on the market very good
as a horse farm if sold.

You have a very complex situation to tackle. When you go to these mortgage people what they care about first is if they can make a nice commission or not. If not, pushing you out the door so they can move on to the next person is what is mostly on their minds.

The fact you found out "a few years ago" that you were sold an illegally created lot has me wondering if you bothered to take action over that or just blew it off. It is going to take money to correct this, who is going to pay for it? Did you bother to see if you had a winning lawsuit against the people that sold you that property and the title company or attorney that did the closing? Did you get an ALTA policy? You intend to try and refinance a known illegal lot while not comprehending hardly any of the issues you face, or so it seems. Personally, I would probably have sued over that, I would be checking to see if I still could, and I would be speaking to the jurisdictional authority (county planning department) to see what their management thought about a lot line adjustment to create two 4.8 acre parcels deemed legal through a variance process if needed. And I'd be suing the prior owner that sold me that place, and the title company, for all the expenses involved over their lack of disclosure to me that I was being sold an illegal lot. But that's just me.

My friend, you need a local expert on these matters, and possibly legal advice, far more than you need a real estate appraiser at this moment.

 

[wooddirk]

No, I don't think that info came from a professional at all. Your first mistake is thinking of those people as "professional loan and mortgage advisors." If you start thinking of them as similar to used car sales people, you'll be much better off, and understand their motivations much better than you have been.

Think I should be thinking the same about you than Haha !!!!
This advice came from a simular forum as this and the worlds largest's Mortgage Community were he is a Mentor Advisor/as a LOAN CONSULTANT and btw I regard used car sales people also as professionals.
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Posted: Wed Feb 17, 2010 10:24 am Post subject: blanket mortgages are pretty much a thing of the past. consider how difficult it would be for a lender to sell such a mortgage - secondary markets are tough enough as they are now, let alone with two distinct properties serving as collateral.
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Loan Consultant

 

[wooddirk]

You have a very complex situation to tackle. When you go to these mortgage people what they care about first is if they can make a nice commission or not. If not, pushing you out the door so they can move on to the next person is what is mostly on their minds.

The fact you found out "a few years ago" that you were sold an illegally created lot has me wondering if you bothered to take action over that or just blew it off. It is going to take money to correct this, who is going to pay for it? Did you bother to see if you had a winning lawsuit against the people that sold you that property and the title company or attorney that did the closing? Did you get an ALTA policy? You intend to try and refinance a known illegal lot while not comprehending hardly any of the issues you face, or so it seems. Personally, I would probably have sued over that, I would be checking to see if I still could, and I would be speaking to the jurisdictional authority (county planning department) to see what their management thought about a lot line adjustment to create two 4.8 acre parcels deemed legal through a variance process if needed. And I'd be suing the prior owner that sold me that place, and the title company, for all the expenses involved over their lack of disclosure to me that I was being sold an illegal lot. But that's just me.

My friend, you need a local expert on these matters, and possibly legal advice, far more than you need a real estate appraiser at this moment.

I totally agree with you and yes we nearly did consulted a lawyer.We were not told the real and correct truth NOT by the seller but also NOT by the realtor and also NOT even by the Title Company as they made a BIG mistake by giving us a totally wrong right of way from a different drive way.Only comment from the Title company was to sue them if we could proof they did something wrong.Having the 911 coordinator comming out to verify the siuation is how we found out the illegal subdividing.
He did not only sold us a property illegal but also 3 more other families next door to us.Appraisor and Banks including Tittle companies nobody ever picked this up.My original supposed to be driveway goes underneath somebody elses house.Think everybody knows about all the mistakes but it seems like that it sometimes pay's of not to make a sleeping dog a wake.
There is way to much water under the bridge to tackle this problem with a law suit and it is certainly something I can not handle or finance and the neighbours do not have any money eighter nor the mentallity to put this right and beside that they do not even know that there property is on illegall subdivided land.Think the biggest mistake we made was not to have the properties surveyed and trusted the advice that we could use excisting survey's done a few years back before we bought.

 

[wooddirk]

I like to update on this tread and thank everyone giving me advice.
I found a lender whom is putting both mortgages together without separating the lots legally.Both properties has been appraised as a one lot.