Posted on: 30th Jun, 2010 01:33 pm
I am trying to get a mortgage on a two family house that I purchased where each side has a separate lot & block number and is taxed separately. They appear on one deed as separate tracts. I tried to get a mortgage however while the mortgage application was in process the bank told me they couldn't give me the loan because they are separate units and would need two separate mortgages. I ended up purchasing the house with cash. However, now I would like to finance the purchase. Can I get two separate mortgages if both units appear on one Deed? Or, will I have to go back and try and get the units split onto two different deeds? Please help!
This totally depends on what the title report says. What state are you in? You can have a broker pull a report for you to see how it was recorded. If you need help feel free to ask.