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Demoiish the money pit? |
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My wife and I have owned an olf farm house for 9 years now. The house sits on 10 acres. Every year we try to refurbish a different area of the house, but lately, even small projects turn into larger ones because of foundation and structural issues. It is our dream to build a small home on our beautiful land, but we're unsure about the mortgage on our existing property. Is it possible to get the existing home condemned? We have very little debt except the mortgage and both maintain full time jobs. Do we have any options, or are we stuck with this endless money pit? |
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If I understand your question right, you would like to demolish the existing house? If so, you're right in thinking that you're supposed to get your lender's okay before anything like that. Otherwise, I guess the risk would be that they'd call in the whole remaining debt. How would they find out? Insurance change, for one thing.
Start by discussing it with the mortgage company. |
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Edith
Originally published on September 27, 2008 |
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