I'm currently in the due diligence period for buying a house and fourplex on the same lot. The fourplex is basically in the backyard of the house. I would've liked to buy just the fourplex, but the seller would not separate the properties so I bought both the house and fourplex. Right now, I see I have two options. Keep the house and rent it out. Option 2, Survey the house off the land and sell the house separately, and I'll keep the fourplex. I would like to do option 2, but I am unsure of how the process works with a mortgage attached to it. The current mortgage would be for both the house and fourplex. If I sell the house, will the money from the sell go back into the total mortgage, or when I get the house surveyed, does that trigger a refinance and create two mortgages? I'm not sure how it works so any help would be great.
I think your first step is to call your county and find out whether this is possible, and what legal hoops you would need to jump to make it happen. Maybe call a different mortgage company and lay this out as a hypothetical purchase you are considering making and see what they say.
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