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Rebuilding on the Land |
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we still owe on our mortgage. but would like to stay on the land and build a smaller house in place of the one we're living in. is there anyway to just pay off the land portion so it is ours to do what we want to? any suggestions? |
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You can't destroy the house that's serving as security for your mortgage loan, without the permission of your lender. As for paying off just a portion of the loan -- you'd have to ask your lender for a release, and it sounds as if it might be fairly complicated. But you can always contact them and ask. |
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Edith
Originally published on March 25, 2008 |
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