I currently own a home which includes 4.23 acres of property. I have an existing mortgage of 177,000 at 5.5%

Asked by , Hopkins, SC Sun Jun 8, 2008

on this with about 80,000 equity. I would like to sell a family member a small portion of the land on the back end of the property. Is this possible while there is a mortgage?

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LaDean Brine…, , Columbia, SC
Sun Jun 8, 2008
You may get the mortgage company to release this parcel since you have 80,000 and sell it the purpose of the purchase is to build a home. It also depends on if your property is restricted to no-subdividing.
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dele me, Agent, Summerville, Mobile, AL
Sun Jun 8, 2008
As a Realtor, I have broken up many tracts of land and sold off portions. Most lenders I worked with would allow you to split off a portion,but will require the proceeds to go to the principal on your loan.
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