Would you tell your bank

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Would you tell your bank

David Finley
Investor · London, KY · Member since 2017 · 41 posts · 8 votes
I have a property that was landlocked and sewage lines crossed families property to the city. The issue the family has decided to cut my access to sewage access off and won’t even talk about turning it back on. I don’t have any savings to pay for a lawyer and I owe about 150k on the property that was just appraised for 200k. Would you tell your banker about the issue or would you just keep plugging away trying to correct it?
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Sam Hopkins
OH (ohio) · Member since 2016 · 63 posts · 43 votes
7y
@David Finley look up implied easement and prescriptive easements. You may have one or the other.
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  • Jason Collins
    Jacksonville FL · Member since 2016 · 17 posts · 6 votes
    7y

    How may years has the line crossed the land?  You could talk to a lawyer but it seems you should be able to get a implied easement or by necessity.  How do you get onto the land?  Is there an easement there?

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  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    7y
    @David Finley I’d talk to an attorney and see if you can work something out without going to court. Do you know anyone in the area looking to sell a mobile home park?
    [email protected]512-888-9122
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  • David Finley
    OP
    Investor · London, KY · Member since 2017 · 41 posts · 8 votes
    7y
    @Jason Collins it’s been like that since 1984 and we cross their land to get to my property a shared road.
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  • David Finley
    OP
    Investor · London, KY · Member since 2017 · 41 posts · 8 votes
    7y
    @Jordan Moorhead it is a Mobil home park. I tried to buy it but they want more than 500k for it and it only has 55 lots. Maybe room for 3 or 4 more.
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  • David Finley
    OP
    Investor · London, KY · Member since 2017 · 41 posts · 8 votes
    7y

    I did tell my Banker and hired a lawyer. In Kentucky you can't have a land locked property that is against the law.  The next thing since I had sewage for more than 15 years they can not shut it off. They would have had to stop it before 15 year mark for it to work in their favor at all. The lawyer has seen this before and was very sure that it would be easy win. 

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