Home Selling in 49424>Question Details

Nancy, Home Seller in 49424

I own 2 acres, one acre with my house. Can I sell the other acre if I still have a mortgage on the whole property?

Asked by Nancy, 49424 Sun May 22, 2011

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3
If the two acres have seperate legal descriptions and tax identification numbers already than you can immediately contact your current mortgage servicer (the folks you write your check to each month) and ask they about doing a "partial release" of the mortgage. They will likely require an appraisal of the house with one acre to determine their collateral position prior to granting the request.

If the two acres are not yet seperately defined, you will first need to find out if the property can be split. The township assesor will likely be the place to start. If it is splitable, you will need to have a surveyor survey the property and provide the seperate legal descriptions. This will allow you to have the assesor assign two seperate tax id numbers. Then refer back to the first paragraph for the additional steps.

Good luck!
1 vote Thank Flag Link Tue May 24, 2011
Nancy, this is a possibility. I think you want to check a couple of things out first. 1.) Will the township you live in allow the split? 2.) If they township will allow the split, you should check with your mortgage company to see what they would allow. They may want the money to pay down your mortgage or they may work with you on it.

I hope this information helps! Best Wishes!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Thu Mar 14, 2013
Most likely yes, however each case if different. I will gladly meet with you to discuss the details.
0 votes Thank Flag Link Sun May 22, 2011
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