Posted on: 27th Sep, 2010 04:35 pm
XX bought 20 acres of land and paid off the loan in a year.
In the interim, he took out a separate loan (mortgage) for a house that was built on the land (the house mortgage is NOT paid off).
My Question: Can a lender issue a Promissory Note /Mortgage for the purpose of refinancing both properties? Or would the new loan be for the house only?
Thanks
In the interim, he took out a separate loan (mortgage) for a house that was built on the land (the house mortgage is NOT paid off).
My Question: Can a lender issue a Promissory Note /Mortgage for the purpose of refinancing both properties? Or would the new loan be for the house only?
Thanks
hi val!
welcome to forums!
the land does not have a mortgage on it. so, if you want to refinance the mortgage, the lender should take into consideration only the home and not the land.
feel free to ask if you've further queries.
sussane
welcome to forums!
the land does not have a mortgage on it. so, if you want to refinance the mortgage, the lender should take into consideration only the home and not the land.
feel free to ask if you've further queries.
sussane
Thank you, Susanne.
I actually was granted a lien on the property (hiouse ad land) several years ago in a court action. XX has since foreclosed, but I found out he took out a Promissory Note in 2008 which the lender called a refinance. The amount of the refinance note was well in excess of the original house mortgage so I wondered if he might have refinanced the land as well.
Would it be possible to combine the two under a single refinance loan?
Th
I actually was granted a lien on the property (hiouse ad land) several years ago in a court action. XX has since foreclosed, but I found out he took out a Promissory Note in 2008 which the lender called a refinance. The amount of the refinance note was well in excess of the original house mortgage so I wondered if he might have refinanced the land as well.
Would it be possible to combine the two under a single refinance loan?
Th
Susanne
I meant to say that XX has since "defaulted" on the loan (not foreclosed). The bank can't foreclosure until it is decided who has senior lienship.
I know I'll have to get another lawyer soon, but I'm trying to get an idea of where I stand before I do. Your opinion is greatly appreciated.
I meant to say that XX has since "defaulted" on the loan (not foreclosed). The bank can't foreclosure until it is decided who has senior lienship.
I know I'll have to get another lawyer soon, but I'm trying to get an idea of where I stand before I do. Your opinion is greatly appreciated.