Legal Question in Real Estate Law in New Hampshire
sale of land
I bought my home and land, have a mortgage (two, first and second if it matters). Do I need my lender's consent to sell off a piece of my land and keep the cash (pay off my second mortgage)?
2 Answers from Attorneys
Re: sale of land
Yes, if it is part of the mortgaged premises.
Re: sale of land
Short answer is "yes." You do need the lender's consent. You have pledged your land and building as collateral. They have a lien on the property. In order to sell a portion of your land those liens have to be discharged. It is generally done with what is called a "partial release." Without the lender's consent you can't transfer clear title of ownership to a portion of the land and building.
The procedures to obtain a partial release vary. You should meet with an attorney to determine how best to accomplish your goals.
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