Refinancing in order to separate two lots

6 Replies

I have two lots recorded under one deed and financed under one mortgage. Lot #9 has my home, and lot #10 (my back yard) is empty. I want to build a second home on the empty lot as a rent house. I am looking to refinance the current mortgage and utilize the equity to hold clear title on lot #10. I have been told by one lender that the lots would need two separate APNs before they will refinance. I was under the assumption that the APNs are assigned after the deeds are recorded. I’m hoping someone is familiar with this process and can offer some advice. Thanks so much!

Robbie, go to the city and ask, it sounds like they have already been subdivided.  Or first y may want to reach out to me, I can look it  up and see if I can find the other APN. It wont cost you anything and it will only take a minute.

Update: I spoke with my mortgage company to make sure there would be no adverse consequences to having the lots taxed separately from each other. I filed the request with the county appraisal district to update the APNs and spoke with the city to get a list of requirements for my plan. This is all new to me, so I am learning a lot! One thing I've learned is how good I am at making mountains out of mole hills. There really is "nothing to it, but to do it". cheers! 

Update: The county completed my request and I now receive two separate property tax statements/bills, one for each lot. The refi is moving forward and the appraisal is scheduled for today. Not long before this step is complete.