Posted on: 23rd Sep, 2009 11:39 am
When we ( the heirs) got a reverse mortgage on our Mother's home (she had alzheimer's disease)so she could reamain in her home, our sister lived on the adjoining lot in a modular home. Now that we need to sale the property to pay the mortgage note, can we divide the property and sale her that lot?
unless you coordinate the individual sales of parcels of that land so that the entire mortgage is repaid at that time, it will be most difficult for you to do that.
the lender in question will not allow subdivision of the land, i'm convinced.
the lender in question will not allow subdivision of the land, i'm convinced.
Thank you so much for your ans. We have had both pieces of land surveyed and appraised. We hope to have enough to satisfy the mortgage note.
