Legal Question in Real Estate Law in Maine

Re: dividing land with a mortgage

Your current mortgage company will be contacted by the buyer as a usual part of the sale process so that the buyer can obtain a partial or full payoff as part of the sale, or try to obtain a subordination of the mortgage to the new owner, and possibly the new owner's mortgage. This is because the existing mortgage encumbers the whole property, even after it is sold and a buyer takes subject to such mortgage, and buyers will usually want to buy property free and clear.

Also- most mortgages have a clause stating that if the property or a part of the property is transferred, then the whole of the debt is accelerated and due at once, so a sale of the property without co-operation of the mortgagee may result in a foreclosure.