I’m I Mistaken or Just Foolish?

[Andrea Evans]

I don’t own my primary home outright. However, the purchase of the property did included three separate parcels on one deed. My question is, can I use one of the separate parcels as collateral for a construction loan to build a multifamily on it (of course adhering to zoning regulations)?

[Jason Taken]

Quote from @Andrea Evans:

I don’t own my primary home outright. However, the purchase of the property did included three separate parcels on one deed. My question is, can I use one of the separate parcels as collateral for a construction loan to build a multifamily on it (of course adhering to zoning regulations)?

 You need to review the mortgage and title commitment for what parcels and legal description are included in the mortgage you took out. If the land is part of the security - then you'd need to refinance the debt most likely.