Posted on: 10th Jul, 2011 08:27 pm
we recently purchased the empty lot next to our house. we paid for the lot in cash and had the deed handled and recorded by an attorney. if we consolidate this in with our existing property that we have a mortgage on, will we need to do anything such as notify the mortgage holder or refinance?
Hi eggschick,
If there is a mortgage on the property, then you will have to inform the lender and refinance your existing mortgage.
Take care
If there is a mortgage on the property, then you will have to inform the lender and refinance your existing mortgage.
Take care
Why are you considering consolidating? Having all your eggs in one basket can backfire sometimes. Having the extra parcel of land, seperate from your current residence could protect you in event you fall behind on your mortgage payment, then you could easily sell the land to cover the delinquent payments. Good Luck!
I'm in agreement with Chris. There's no valid reason to monkey with your existing arrangement, particularly since the lender would want to get involved - even though the additional parcel would ostensibly strengthen their position.
