California - Property Re-Zoned

[needtoknow]

We purchased our home 4 years ago from a private lender on a 7 year mortgage. At the time this was appealing as we knew we would re-finance the property. When we bought the home the zoning was residential/commercial/industrial. It's an older neighborhood with only 12 homes in the area. We didn't mind as we thought maybe later on in years this would prove to be a good investment in the future. The property itself has a small cottage which we rent out thus covering over 3/4 of our mortgage. How could we go wrong?

Well, here we are. Ready to refinance. No problem paperwork looks great everything is a go UNTIL................they can't find any comps as no one has sold anything since Rover was pup and now we find out the entire neighborhood has been RE-ZONED INDUSTRIAL.

Although we qualify in other respects. We can't find a lender because of the re-zoning and comps.

Shouldn't we have been notified? Is it legal to impose this on the residential property owners who now CAN'T sell their homes? Is there anything we can do? We don't want to lose this place? Please help !!!!

 

[bmasters]

going through this in Michigan. Bought a home and was told I could have animals by realtor. Found out property is re-zoned R-1 only 4 years prior. No neighbors new anything about the re-zoning. The township published it in an obscure local newspaper only. However, an ammendment to the Michigan statue states that they have to notify property owners personally of re-zoning. I didn't live there at the time but I'm going to organize a group in the township to contest the zoning as illegal.

Please apprise me of your situation at:
[email protected] and I'll do the same if you provide your email and reply with this message attached so know who you are.

Thanks,
Bob


<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by needtoknow:
We purchased our home 4 years ago from a private lender on a 7 year mortgage. At the time this was appealing as we knew we would re-finance the property. When we bought the home the zoning was residential/commercial/industrial. It's an older neighborhood with only 12 homes in the area. We didn't mind as we thought maybe later on in years this would prove to be a good investment in the future. The property itself has a small cottage which we rent out thus covering over 3/4 of our mortgage. How could we go wrong?

Well, here we are. Ready to refinance. No problem paperwork looks great everything is a go UNTIL................they can't find any comps as no one has sold anything since Rover was pup and now we find out the entire neighborhood has been RE-ZONED INDUSTRIAL.

Although we qualify in other respects. We can't find a lender because of the re-zoning and comps.

Shouldn't we have been notified? Is it legal to impose this on the residential property owners who now CAN'T sell their homes? Is there anything we can do? We don't want to lose this place? Please help !!!! <HR></BLOCKQUOTE>

 

[needtoknow]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by needtoknow:
We purchased our home 4 years ago from a private lender on a 7 year mortgage. At the time this was appealing as we knew we would re-finance the property. When we bought the home the zoning was residential/commercial/industrial. It's an older neighborhood with only 12 homes in the area. We didn't mind as we thought maybe later on in years this would prove to be a good investment in the future. The property itself has a small cottage which we rent out thus covering over 3/4 of our mortgage. How could we go wrong?

Well, here we are. Ready to refinance. No problem paperwork looks great everything is a go UNTIL................they can't find any comps as no one has sold anything since Rover was pup and now we find out the entire neighborhood has been RE-ZONED INDUSTRIAL.

Although we qualify in other respects. We can't find a lender because of the re-zoning and comps.

Shouldn't we have been notified? Is it legal to impose this on the residential property owners who now CAN'T sell their homes? Is there anything we can do? We don't want to lose this place? Please help !!!! <HR></BLOCKQUOTE>


Hi Bob,

It's depressing I know..... But there's always away. For every NO I heard I came closer to a yes.

We managed to get the house refinanced and it appraised at higher than I ever thought possible. Original investment was $69,000. We got a 90% loan with the house being valued at $118,000. We had to pay a little higher interest rate but for us it was worth it.

We did it by going to a Mortgage Broker who located several companies who would do it. We did pay a small fee but he discounted it as he now has an additional source for business who also have our particular situation.

So don't be discourged. Your getting closer to a yes. I know you are. Let me know how you came out.