Is it possible for me to purchase a few acres off a relative if their property is mortgaged?
Question Details: My family owns 5/- acres and I want to purchase 2 of that, but their property is mortgaged. Is it possible for them to deed me the 2 acres of the property or will the lender not allow this type of transaction?
No, if there is a mortgage, you cannot buy part of the land. The mortgage is secured by ALL the property; selling part of it violates the mortgage while impermissibly reducing the security for the loan. Further, because the mortgage predates the sale and applies to all the land, title can not be transferred with eliminating this pre-existing security interest; earlier interests in land must be paid or otherwise eliminated before transferring it to someone new.
Rate This Answer:
Not Yet Rated
The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you go to AttorneyPages.com
and retain an attorney to represent you.