selling a bit of land

**Zira** · 02-01-2008, 07:06 AM

Do I need my mortgage companies approval to get a land survey and sell a small portion of my property to my neighbor. The appraiser says it is such a small portion that it will not effect the value of the remaining property.

Thank you.

**HardMoneyDr** · 02-01-2008, 12:34 PM

Originally Posted by Zira

Do I need my mortgage companies approval to get a land survey and sell a small portion of my property to my neighbor. The appraiser says it is such a small portion that it will not effect the value of the remaining property.

Thank you.

I would think you would because they are a lien holder . Some loans carry a pay down provision. Why don't you call them and ask them hypothetically? That would be your best bet. Good luck.

**Sean McAlister** · 02-03-2008, 10:26 AM

the answer is NO.

If you want to survey your property you can do it. You do not need any approvals unless you have some sort of crazy language in your mortgage.

I have bough and sold thousands of acres of property and never contacted the bank, title co. or anyone else for that matter when I wanted to do a survey.

When you go to sell the land however.....the bank will keep that money as a pay down towards your mortgage. So you may want to ask them about that.

Now...make sure you pay the bill or you will get a mechanics lien slapped against your property which is not good.

Good Luck
Sean

**Greg** · 02-04-2008, 06:33 AM

You should talk to the lender before you sell. Lenders are acting really weird right now and you don't want to trigger the due on sale clause.

**Zira** · 02-05-2008, 08:34 AM

I sent them all the documents they requested. They said it would take 6 - 8 weeks. It's now been three months. I called there and the rep. said it's being worked on; call back in a month. The next time I call back I get hung up on; I call back and they never answer. When a person calls the company they have to put their account # in. I bet when I call there they see my # and don't answer. They say the wait is approx. 4 - 5 minutes. I'm sitting hear listening to the automated lady talk about their "Superior Customer Service". I've been on hold now for 30 minutes.

**Zira** · 02-06-2008, 09:22 AM

I finally got through. All I did was keep hitting the zero button on the phone and it went straight to a rep. Didn't have to put the account # in that way. Anyway, they say it's going to be complete Feb. 24th. 2 whole months more than what they said.

**Zira** · 03-03-2008, 08:39 AM

Haven't received anything. Called the mortgage company on February 29th. Guess what. I'm sorry but it is not done yet. Call back in a week.

**TobyMunk** · 03-12-2008, 01:55 PM

Tell them you will be getting your lawyer on the case and possibly sue them for damages as it has been so long.

You will be surprised how fast they will move.

**JJohnson1985** · 03-12-2008, 04:12 PM

Good advice TobyMunk. I agree. It has been four mothns and they have not once, from what I've read, given you one reason why it is taking double the time they originally told you. This can break deals, taking too much time.

You may want to see if it would be beneficial to refinance with a different company. Or at least possibly use this as a threat too. Depends on if there is a prepayment clause that includes a prepayment penalty. Let them know that it is due to this situation and the terrible service the company has provided you. Maybe not the best, but just another idea.

**Zira** · 03-14-2008, 09:16 AM

I am thinking the Lawyer idea might be next. It would not pay to refinance. Right after this deal is done we want to sell the remaining property and also my rate is 5.1% right now. The thing that irks me is the appraiser says it is such a small portion that it will not effect the value of the remaining property.