Do I need to subdivide the property?

Question

I am looking into getting a loan and not sure how to do this? I own 2 lots with a mobile home on 1 lot. Would like to just use the lot without the mobile home for collateral.Can I do that? On the deeds it states lots 19 and 20.

Answer 1

As posted above if you have two tax lots numbers then its already divvied, but that said Good luck finding a bank to loan monies on a vacant land

Answer 2

They are already sub-divided, that is what the lots are about.

You can do this, if you can find a bank willing to accept vacant land as collateral, it might be pretty tough.

Answer 3

do you get 2 separate tax bills or just 1. Is the mobile home have a mortgage on it and did the mortgage company encumber both lots in the deed of trust. The only Way to see if this happened is when you read the legal description attached to the deed of trust. If it encumbers both lots then you have a mortgage on it and you would have to get a partial release from them to get another  loan on this property. You didn't give me a whole lot to work with in this question so there is a lot of supposition in my answer