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Message
would like a partial release
Posted on 3/19/14 at 9:22 am
Posted on 3/19/14 at 9:22 am
if my home is appraised at 235k and I owe 147k, how difficult will it be to get a partial release from the mortgage company to sell 1/2 acre of property (empty lot) attached to the mortgage?
3
Posted on 3/19/14 at 9:38 am to oldcharlie8
Have you subdivided it yet ? Is it a totally seperate lot ?
Posted on 3/19/14 at 9:40 am to oldcharlie8
quote:
if my home is appraised at 235k and I owe 147k, how difficult will it be to get a partial release from the mortgage company to sell 1/2 acre of property (empty lot) attached to the mortgage?
Been about 8 years since I've dealt with this situation, but this is how it used to be.
They will have to appraise the home and lot to make sure there is enough value in home and remaining lot to still cover the $147k balance. Then you will have to go thru lawyer/title company to subdivide the land into 2 parcels and get permission through your mortgage holder to do this. That way you will have 2 properties...Land+home with $147k mortgage....and just land with no existing mortgage against it.
It can be done, but it's not the quickest and cheapest process.
Posted on 3/19/14 at 10:03 am to Drop4Loss
quote:
Have you subdivided it yet ? Is it a totally seperate lot ?
yes. totally separate from the lot that my house lies on.
Posted on 3/19/14 at 11:00 am to oldcharlie8
quote:
yes. totally separate from the lot that my house lies on.
Should make it much easier. If both lots are used to secure the loan then lender will require appraisal before they release it.
Posted on 3/19/14 at 11:07 am to oldcharlie8
I'm sure you've already checked but if the vacant lot is separate from the house lot, are you sure the vacant lot is even included on the mortgage?
Posted on 3/19/14 at 2:07 pm to LSURussian
quote:
you sure the vacant lot is even included on the mortgage?
yes. it's listed as lot 8 and 9. I assume that I live on 8 and 9 is the empty one.
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