I purchased my home 9-1-6. along with it came the lot behind me that is on another block. The lot has its own tax bill, different lot and block number. can it be sold seperate from my home.
2006-11-06 07:45:28 · 2 answers · asked by timothya1980 1 in Business & Finance ➔ Renting & Real Estate
When you purchased the property did your mortgage include the lot as part of the collateral for the note? If so did your mortgage contain a partial release clause? If the lot did not get put in as collateral in the mortgage to cover the note then you're free to sell it. However if it is part of the mortgage you need to go back to the lender and try to negotiate a partial release for the lot upon full payment of some sort. If you try to sell the lot and it is part of the original mortgage then the entire note will be due.
Buena Suerte
2006-11-06 07:58:07 · answer #1 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
I hope it was bought seperately... from the sound of it, it's a seperate property. Check your papers and make sure you do own it.
Check your mortgage paperwork. Did you get a loan on the two properties together? If so, you may not be able to sell it seperately.
2006-11-06 15:52:09 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋