If house in Foreclosure can I sell Lot next to house?

Asked by mysticalg, Buffalo, NY Sun Jun 17, 2012

My house sits on 2 lots which were converted to 1 lot. My neighbor would like to purchase the lot next to my house from me. My house is soon going to be in foreclosure. Am I able to sell the lot and get it off my deed with no legal ramifications.

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Joanne Hajduk, , Buffalo, NY
Mon Jun 18, 2012
If your house hasn't quite reached the foreclosure process, I recommend you contact an agent immediately to get it on the market, as this will put the process on hold, as long as you have a knowledgeable agent and attorney that can submit the shortsale paperwork on your behalf. You might be able to get a partition on that lot in order to sell it to your neighbor, or you may want to hold off on just selling the lot if you can more easily sell the house with the lot. A shortsale is a better option then foreclosure when it comes to your credit report.
0 votes
Martina Ryan, Agent, Bayside, NY
Sun Jun 17, 2012
Check with your attorney to see what lots are on the property that is being foreclosed. It seems like they are both on the deed.
0 votes
Joe Sorrenti…, , Buffalo, NY
Sun Jun 17, 2012
Is the mortgage on the house on both lots?
0 votes
I am not sure. Can I look at the deed and see this?
Flag Mon Jun 18, 2012
Anna M Brocco, Agent, Williston Park, NY
Sun Jun 17, 2012
Consult with an attorney who specializes in real estate beforehand; don't simply rely on online information...
0 votes
Scott Godzyk, Agent, Manchester, NH
Sun Jun 17, 2012
It will depend if you took the mortgage out on both lots or just one. if the bank has recorded a mortgage on both you will not be able to sell it. i would check with a local real estate attorney for asisstance.
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Sun Jun 17, 2012
If you converted the 2 lots to 1 lot and now want to sell part of that one lot, then NO you can't because it now is legally one lot. You would have to split it back to be able to sell part of it and I doubt the bank would allow that. If you are talking about selling a totally different lot that is not apt to go into foreclosure, then yes you could.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more