Own two Ocean view lots, considered Western Upland boundary.

Profile picture for gunnerii
Any advice to be given would be much appreciated, We are currently getting ready to renew our two separate loans for our land lots. These lots are considered Western upland boundary lots, and have had New septic systems installed. The two financial institution's carrying our loans have been bought out by another institution. Therefore, we were told by one of them that we need to reapply for another loan with them and possibly have another appraisal done. While the other institution has some type of modification paper work we will need to fill out.  We are not quite sure which direction to go with these loans???   Please Advise!  Thank you!  _Dan M.
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February 11 2011 - Ocean Park
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Answers (2)

Profile picture for SeattleHome.com
The lender that you currently have your loan with is saying you must re-apply?  That doesn't sound right.  If you're not looking to change the terms of your current loan, the lender should be bound by those current terms, whether they originated the loan or bought it from another lender.

If you're looking to refinance, this would make sense.
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February 13 2011
Profile picture for daveskow
you wont have many options as most lenders are steering  clear of lot loans ....get all the details and proposals from the two present lenders  and  assess options 

other ideas ...contact all local banks in your area to see if they can offer any options 

if you have any equity in primary home ...possibly tap this to payoff these loans 
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February 11 2011
 

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