Can you sell part of your property if you have a mortgage?

+1 vote
asked Jun 5, 2018 in Real Estate - Renting by Evoy (410 points)
Can you sell part of your property if you have a mortgage?

1 Answer

0 votes
answered Jun 5, 2018 by Gracy (125,580 points)
In some cases you can sell part of your land when you have a mortgage on the property but before you can sell part of your land you have to first get the approval of the lender and the lender of the mortgage may insist that a professional valuation be carried out in which you'll be required to pay for.

And then you'll also need sufficient equity in the land or home to support your mortgage if you do get approval from the lender to sell part of your land.

98,443 questions

94,708 answers

1,269 comments

6,992,379 users

...