I have over 50% equity in my home. I am trying to get Wells Fargo to approve a lot line adjustment. I had an appraisal that appraised the home, with the change of lot size, at $535,000. This is $65,000 over what I paid for the house two years ago. Wells Fargo is asking that I pay down my loan by $6,000 in order to do this. Does this sound correct with such a strong equity position?
1 Answer from Attorneys
This isn't really a legal issue. Wells is not legally obligated to approve a lot line adjustment at all. Therefore, if they decide that they want to require slightly over a 1% pay-down as a condition of approval, that is a business decision, not a legal issue.