Posted on: 08th Sep, 2010 05:26 am
I have a mortgage on my home that is on 8 acres. I wish to sell 2 acres, how would I go about getting a release of lein from BOA on those 2 acres?
Hi Guest!
Welcome to forums!
You will have to subdivide the property in order to sell it off. As you've a mortgage on the 8 acres, if you sell off 2 acres, the value of the collateral will change. Thus, the lender will not let you sell off the property. You can pay off the loan in full and then sell off the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to subdivide the property in order to sell it off. As you've a mortgage on the 8 acres, if you sell off 2 acres, the value of the collateral will change. Thus, the lender will not let you sell off the property. You can pay off the loan in full and then sell off the property.
Feel free to ask if you've further queries.
Sussane