Updated over 4 years ago on . Most recent reply
Teardown a property that is mortgaged?
So I have a property that is currently under a commercial mortgage with 3 other properties. The property needs more work than I'd like to spend to fix, and wanted to just tear down and put a duplex instead. The 3 mortgages still have plenty of rents to cover the mortgage.
1. Is it possible to tear down a property with it being mortgaged to build a new property?
2. If the property is not livable, can the township condemn the property and potentially contribute to rebuilds?