Mixed Use/Commercial with residence and operating business

jkeith1280 · Joined: 13 Dec 2005 Posts: 1

Hello. I saw a post very simular to our situation. We have 2 acre property with a house and a seperate building on the property (the shop has it's own address). We are zoned commercial and cannot get a loan for the house. Spliting up the properity is not a option I will consider since we will still be in the same boat as the property is all commercially zoned. We are self employed, credit not so good but we pay our notes. No-doc seems to be the best way to go but we don't need but 75,000.
We had an apprasial done last week for the house only. Came back at 125,000. We owe 54,000. Shop was not included in the apprasial be cause the appriaser could only do residential. (Shop building should be about 70,000 to 80,000.) Total property worth is around 200,000. We only have a few weeks to refi. We have a privite mortgage and the ballon comes due next month. We need help to save our properity, our business, our house and our livelyhood.

Properity is in the state of Michigan.

We will gladly take any help or advise. Thank You

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

This is a very unique situation. You will have the best luck with a local bank.