I have a few questions about a property in IL. The property currently includes an adjacent lot. The borrower would like to refinance his property without the lot so he can later sell just the lot. I’m not sure how this would work or how I should go about this. If I did his refinance with the lot and he later sold it, then would the money have to go towards the mortgage? Please get back to me through email

jprestwich@desertrosemortgage.com

you've got mail....

This is a good question but the purpose of the forum is to try and have the answers available in here to help others.

AZ would you mind posting your response? If so no big deal.

I just try to prevent someone posting a question then asking people to just email them. Respond in the forum and email would be ideal.

You have to look at the actual mortgage to see if that parcel is secured. If it is then just have the appraisal done on the house lot and refinance using just that parcel. Also I would call the current mortgage company forst to talk about what options they have without having to refinance if any.

If it is not you are good to go.

I basically told her these should already be two seperate parcels. I also notified her that Illinois requires the individual LO to be licensed and continuing education requirements need to be met.