Posted on: 30th Jun, 2010 11:09 am
Friends bought 25 acres with house & kennel & business. They want to sell me 1 acre. Will the lender allow them to remove the 1 acre from their
loan without refinancing? Could I wrap the one acre in my home mortgage
and pay their loan company at closing. Can their lender just apply the amt. to their mortgage? The remaining land and business more than cover
the balance of the mortgage.
loan without refinancing? Could I wrap the one acre in my home mortgage
and pay their loan company at closing. Can their lender just apply the amt. to their mortgage? The remaining land and business more than cover
the balance of the mortgage.
No their lender loaned them a specific amount of funds on the acerage and structures that existed at the time of funding and they would not be able to sell a portion without informing the lender. It changes the value of the collateral they put up for the loan.