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"Partial Release" Question

Posted on: 19th Oct, 2006 07:43 am
I have a primary mortgage with Chase and a equity line ($48,000) with Wacovia. A neighbor wants to buy .10 of an acre from me, but these lenders want me to pay fees to process my partial release request, survey my property, reappraise it, etc. I don\'t want to do any of this, and my neighbor won\'t pay the fees anyway. Are there other options for selling him the property without the hassle? Thank you. Robert Johnson in Georgia.
Hi Robert,

Most lenders do ask for the survey and reappraisal if the partial release is requested to know the current value of the property has reduced or not and would it be wise to allow for such a release.

In my opinion you are required to pay these charges.

MacAulay
Posted on: 19th Oct, 2006 03:50 pm
I think you need to pay the charges for getting partial release in order to sell off that part of property for which the release is issued.
Posted on: 20th Oct, 2006 12:16 am
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