Got a question

Financing, Hard Money Lenders, Private Money
1

Here goes:

I own 1 acre with 2 houses on it. 1st house has a 1st and 2nd mortgage on it. 2nd house is free and clear. The property is NOT divided so there are no seperate legal discriptions. Last year the 1st house was appraised for $65k. The 2nd house, value is undetermined. My credit scores are crap. I’ve been self employed since january of last year. I do not qualify for any small business cash advances or loans. Any chance of using the 2nd house as collateral for a FHA loan or some type or refi with cash out or something even though the value of that home is undetermined? I’m lookin to pay off 4 credit cards and have enough cashout to get my business back on track.

2

I own 1 acre with 2 houses on it. 1st house has a 1st and 2nd mortgage on it. 2nd house is free and clear. The property is NOT divided so there are no seperate legal discriptions. Last year the 1st house was appraised for $65k. The 2nd house, value is undetermined. My credit scores are crap. I’ve been self employed since january of last year. I do not qualify for any small business cash advances or loans. Any chance of using the 2nd house as collateral for a FHA loan or some type or refi with cash out or something even though the value of that home is undetermined? I’m lookin to pay off 4 credit cards and have enough cashout to get my business back on track.

It sounds like the county has the land and both houses valued at $65,000. You are paying taxes on them hey?
What is the total amount of the 1st and 2nd? Provide more details and specifics and I’m sure someone could help you. :help

3

Hey Mark,

Only the 1st house was appraised for $65k. I did not have the appraiser look at the 2nd house. The 1st and 2nd mortgage total around $64K.

4

If the houses are one parcel with one legal description, then I don’t think you can get a loan on only the second house. It’s all one property.

No?

5

Yeah its on only 1 parcel. If thats the case then I wonder if there;s a way to add the 2nd house in with the 1st house in an appraisel? Count it as a 4 bedroom 2 bath house?

6

Got another question.

As stated in this thread, I own 1 acre of property with 2 houses on it. I may be entitled to split the property so that the other house has a seperate legal discription, tax ID and all that other stuff.

Now both houses share the same well and I believe they share the same septic tank. My question is, will this be an issue when it comes to spltting the property in half? The lender I spoke to earlier said it could be a problem and that I would have to call the county clerks office tomorrow morning to find out but I’d like to know what you all think?