Jump to content
SASS Wire Forum

mortgage and land sell question


Trigger Mike

Recommended Posts

I bought a house with land that borders mine that was under foreclosure. After buying it I had it surveyed and discovered the private dirt road that the paved driveway connects to is completely on a neighbors property(relative of the one foreclosed on) and that no right of way was written in the deed. I asked the owner if I can buy at least a portion of the road and word the deed so that he has life time rights to it (his driveway connects to a different county road but the private road borders his property). He mentioned it is under a mortgage and he does not know if they will allow his to see a portion. he did mention he is open to working out something.

 

 

Will a mortgage lender allow you to sell some land they hold a loan on? we are talking less than an acre all totaled for a 6 acre spread.

Link to comment
Share on other sites

Ask him to grant you an "entry and exit and maintenance easement." Tell him you will incur attorneys' costs and any associated expenses, including costs for filing the easement with the county. He may insist (rightly, I think) that you be responsible for your share of maintenance on the road. He may also request that you pay him for the easement. I doubt that his or your mortgage holder will have any heartburn for this arrangement. There are a few other points that your attorney may suggest. I believe this is your most expeditious tact for this situation. He still owns the property and it doesn't require any special hearing(s) with the county,

 

Cat Brules

Link to comment
Share on other sites

My mortgage company wouldn't let us break off a couple of acres that my neighbor wanted to buy.

Link to comment
Share on other sites

Most deeds only mention parcel number or Assessors parcel number. Your surveyor can lead you to the actual parcel map held at the county which defines easements, right of ways, flood zones or other special restrictions to the property. Also even if no formal access easement or flag lot is setup the fact that the driveway has been used establishes somewhat of a right of way. There s a legal term for it.

 

Rather than getting the mortgage company involved you will probably need to submit a modified parcel map legally identifying the easement to the county. A local Civil Engineer can do this. Your not buying anything, you're just creating a formal easement which grants you access rights across the other property.

 

Ike

Link to comment
Share on other sites

Howdy,

There are lots of legal angles here.

Tread gently,

Unless you own property why pay for maintenance?

Its totally up to a mortgage company as they mostly own the property.

Why wouldn't they sell you property? All sorts of reasons but

Ive found money talks.

More money talks louder.

Good luck with it.

Best

CR

Link to comment
Share on other sites

TM:

 

At the risk of sounding like an ad man for my profession, you need to speak with a lawyer.

 

In my jurisdiction, granting an easement is a transfer of rights in the property, and may trigger an objection (and even a possible foreclosure) from the grantor's bank/mortgage company.

 

In this case, it's better to ask permission than it is to seek forgiveness.

 

LL

Link to comment
Share on other sites

The mortgage is written based on the value of the property at the time the mortgage was written. I would suggest that to sell off some land, the bank will want the mortgage to be renegotiated. Depending on the rate the owner currently has, this might be to his advantage as long as the land sold is less than the equity he has in the total property.

 

Best place to start the conversation is at the bank.....

Link to comment
Share on other sites

Depending upon your state's laws, you may already "own" it (if used exclusively for access to your own property for more than a particular number of years), have the right to use it (a non-deeded right of way), or have no rights whatsoever. You need to speak to an attorney in your state that does property law.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.