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Guest
Guest
0.10 Dollars($)
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 Posted: Mon Aug 06, 2007 1:48 pm Post subject: Can I undo this...? |
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Ten years ago, I bought about 20 acres which were sold in 5 different lots of 4 acres each. A couple of years later, I decided to build a house on one of those lots. For some reason, I decided to roll all of the land into my mortgage for one big loan, instead of just the 4 acres I built on. Now I'd like to reverse that to sell some of the lots, but I don't think I can. Any suggestions? Thanks.
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edelkamp
Guest
0.10 Dollars($)
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| Posted: Mon Aug 06, 2007 2:29 pm Post subject: |
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| You will have to pay off the loan when some of the lots are sold and take a new mortgage for the balance lots. You cannot reverse the loan. |
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 larry
Joined: 27 Jun 2007
Posts: 3328
473.51 Dollars($)
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| Posted: Mon Aug 06, 2007 11:43 pm Post subject: |
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Hi Guest,
You cannot reverse or undo a loan that you have already taken. You should have decided the amount at the initial time of taking the loan.
Now, when you have done the mistake of taking the big amount of loan, then there is no way out, but to sell part of your properties and to pay off the loan balance from the proceeds of the sale. |
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kenstampe
Moderator
Joined: 22 Jan 2007
Posts: 146
Location: Dallas, TX
50.64 Dollars($)
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| Posted: Tue Aug 07, 2007 9:34 am Post subject: |
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Call the lender. If you are current on your payment history they may allow you to have a new appraisal done and if the value of the home MINUS the parts you want to sell is still sufficient they may be willing to revise the mortgage or deed of trust (depending on where you live). A modification like this won't be free but it can and has been done. The lender is using your property as collateral and if what is remaining as collateral is sufficient to the lender they may release coverage over the other lots.
If not, then all you have to do is refinance the loan to the acreage you want (a new survey will be required) and that way you can unencumber the pieces you want to sell.
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Ken Stampe is a Mortgage Loan Originator, Mortgage Author and Mortgage Loan Officer Instructor living in Dallas, TX. Contact by email at |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Wed Aug 08, 2007 2:27 am Post subject: RE: sell part of mortgaged property |
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Hi Guest,
Welcome to the forum.
Since it's already 10 years, you would require a new appraisal to be done. Based on the value determined through the appraisal, the lender would be able to tell you whether he will allow you to sell property. But I think the lender will ask for a refinance and in that case you will be paying for appraisal costs, refinance closing costs as well as the charges for loan modification. So, you need to decide whether you can afford such costs and then take the decision of selling a part of your property.
Hope this helps..
God bless you.
Samantha
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