Expert, localized Los Angeles answers provided by Heather Roy

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Releasing Part from Mortgage
  We are partitioning our lot and selling the vacant part while maintaining ownership of the existing house. What are the mortgage payoff implications for the vacant land? Does the bank get some percentage of the profit to cover the appraised value of that portion of our lot? Do we have the new lot and our house reappraised separately after it is partitioned? Thanks!
 
 

Your buyer will want assurance that the part being sold is free of your mortgage, so you'd better contact your lender right now to discuss the matter.  You will want a release of that portion, and the bank will tell you if it's possible and what needs to be done.

 
    Edith
Originally published on June 22, 2007
 
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