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?
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 _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
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! _________________ Stephenie Marshall
1st Advantage Mortgage
www.1amHomeLoan.com/stephenie
Cell: 214-779-6622