zoestargrove
09-27-2011, 04:58 PM
I'm mad and sick over this. I'm sorry this is long and complicated.
We own 2 properties. We have loads of equity in a rental property and none in our primary residence. We were told the only way to refinance our primary residence was to refinance the rental and take money out and apply it to the primary residence. We hate doing this because we have only 5 years left on the duplex and are paying the remaining balance down signficantly each month, but the savings we would have overall from refinancing both properties is too great.
so, we handed over $900 for 2 appraisals and I still cannot refinance (and I'm out $900!!!!)
The appraiser said that we have an illegal apartment in our primary residence. The apartment was there when we bought the house 7 years ago. We have documentation (from the town, but not a building permit) that says the apartment was built and assessed when the house was built in the seventies. Our lawyer told us it was grandfathered, but we didn't get anything from him in writing. When we bought the house, it was appraised, inspected and purchased and no one said anything.
It looks like the only thing we can do is to appeal to the zoning board.
It's just soo frustrating to have excellent credit, a combined assessment of the properties that is double what we owe and not be able to get a lower interest rate there by lowering our monthly payments at a time we desperately could use it. Just last week my employer cut our salaries by 20% and I'm afraid the company will be going out of business.
We own 2 properties. We have loads of equity in a rental property and none in our primary residence. We were told the only way to refinance our primary residence was to refinance the rental and take money out and apply it to the primary residence. We hate doing this because we have only 5 years left on the duplex and are paying the remaining balance down signficantly each month, but the savings we would have overall from refinancing both properties is too great.
so, we handed over $900 for 2 appraisals and I still cannot refinance (and I'm out $900!!!!)
The appraiser said that we have an illegal apartment in our primary residence. The apartment was there when we bought the house 7 years ago. We have documentation (from the town, but not a building permit) that says the apartment was built and assessed when the house was built in the seventies. Our lawyer told us it was grandfathered, but we didn't get anything from him in writing. When we bought the house, it was appraised, inspected and purchased and no one said anything.
It looks like the only thing we can do is to appeal to the zoning board.
It's just soo frustrating to have excellent credit, a combined assessment of the properties that is double what we owe and not be able to get a lower interest rate there by lowering our monthly payments at a time we desperately could use it. Just last week my employer cut our salaries by 20% and I'm afraid the company will be going out of business.