Posted by admin | Posted in vacation rentals | Posted on 08-10-2010
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Mortgage: Residence and have 14acres with 5 rentals. How can I separate my residence from commercial mortgage?
I am on a variable rate due to commercial rentals, which are on the property where my residence is. The 14 acres is divided into 4 tracts. And my residence is on one tract with 1 rental cottage. How can I separate them so that I do not go under trying to pay an increasing variable interest rate?
You need a up to date survey with clear boundary lines. File a petition with the zoning board requesting sub dividing the property. Once approved then reapply for two mortgages. One for primary and one for commercial
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