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Updated about 2 years ago on . Most recent reply

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Brooke Morton
  • Rental Property Investor
  • Orlando
5
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26
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Partial Release of Land

Brooke Morton
  • Rental Property Investor
  • Orlando
Posted

Hi all! I own a cabin that sits on 1.5 acres. I am trying to do a partial release of 0.5 acre so that I can build a separate structure on that piece of land. The reason I need the partial release is that I intend to use the land as the equity/downpayment in a construction loan to build this new structure. Right now, I am in the process of writing the mortgage company and requesting the partial release. They are asking me how much compensation they (the mortgage company) would receive in exchange for releasing this piece of land. What is the lowest I could say? $0? $100? How does this work? Any advice much appreciated!

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

@Brooke Morton You need further clarification. I believe their question is in regard to the Value of the remaining 1 acre, to assure they still have a property worth More than your mtg balance, as security. This may require a partial pay down of your mtg if the balance is greater than the remaining value.

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