Howdy Ags!
I have 4 lots in a small Texas city that are contiguous. Our house is on one of the lots. We currently have a home equity loan on our house (and the one lot that it's on). We are wanting to do some improvements to the property including building a shop/garage that would cross the lot lines between two of the lots. We've been told by the city that we need to replat the 4 lots into one large one so that the utility easements, etc between the lots is released. They have a fairly simple process for doing this and I have a surveyor that will provide a turnkey service for the replat.
My question concerns the home equity loan. I'm not sure what involvement or even what question to ask at the bank about this. As I said, the lot our house is on is the one with a lien for the home equity loan (we have no other mortage) and we want to combine that lot with the other three into one large lot. Make sense what I'm asking?
I have 4 lots in a small Texas city that are contiguous. Our house is on one of the lots. We currently have a home equity loan on our house (and the one lot that it's on). We are wanting to do some improvements to the property including building a shop/garage that would cross the lot lines between two of the lots. We've been told by the city that we need to replat the 4 lots into one large one so that the utility easements, etc between the lots is released. They have a fairly simple process for doing this and I have a surveyor that will provide a turnkey service for the replat.
My question concerns the home equity loan. I'm not sure what involvement or even what question to ask at the bank about this. As I said, the lot our house is on is the one with a lien for the home equity loan (we have no other mortage) and we want to combine that lot with the other three into one large lot. Make sense what I'm asking?