refinancing and survey sunk us

Posted: Wed Jul 02, 2008 6:17 am Post subject: refinancing and survey sunk us

Were refinancing, everything was fine, credit score 753, income, appraisail up above 30% equity, GFE for 15 year with good rate. Then they asked for a survey. None had been done when we bought the home. The survey shows the city has easements on 2 sides of our home (corner lot) and one includes part of our home. Lender backed out. These easements were not prior knowledge to us and were not shown on the title insurance. Plus the easements were placed on the home after the house. Can a city place an easement that actually cuts into the actual building? We are stuck with possibly paying higher mortgage now, and not being able to sell or rebuild if something happened. What can we do?

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi Guest.

welcome to the forum.

Why do you want to refinance the mortgage? Your score is very good. I think you should try to release the easement. You can know about it at http://rgdirections.lands.nsw.gov.au/ADIS/DocumentsLodged/Easements/Ea sementRelease

brian1 · Posted: Wed Jul 02, 2008 11:23 pm Post subject:

I would talk to the ciuty and if it was there before you bought and not disclosed talk to the title insurance company. You may have a claim
Good Luck
Brian

banker0679 · Posted: Thu Jul 03, 2008 5:52 pm Post subject:

Is there a reason why they asked for a survey? Maybe the appraiser notated something on the appraisal...

stephenie1 · Posted: Tue Jul 15, 2008 10:18 am Post subject: Survey

If your state does not require a survey, then the lender should not ask for one. Sometimes out of state lenders request a survey but the title company will waive the survey. I hope this helps!

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