mortgage on a peace of land.

Dominican in New York · #1 10-06-2006, 09:56 PM

can someone sell you a parcel of land if its part of a bigger chunk of land that has a mortgage on it?

any help

thanks

Tamborista · #2 10-06-2006, 10:05 PM

How do you plan on taking title to land that the seller does not own?
In The States the title gets cleared when the buyer pays off the old mortgage.
I would be curious to hear Fabio's response.

Dominican in New York · #3 10-06-2006, 10:07 PM

that what I figured,but the owner swears he can "pay off" portions of lands.

Tamborista · #4 10-06-2006, 10:10 PM

Maybe the lady @ Banco Popular is in cahoots with the "Land Owner" and they will take you for another ride!

Dominican in New York · #5 10-06-2006, 10:13 PM

you read my other post.... this deal is just getting more complicated by the moment....

sounds like it, but them that would mean there has to be allot of corruption from both the banks and the sellers of the home.

its possible, but unlikely? right?

johne · #6 10-07-2006, 07:00 AM

Quote:

Originally Posted by Dominican in New York

that what I figured,but the owner swears he can "pay off" portions of lands.

What if the parcel is interior land--how would you gain access to your piece?

JOHN

duhtree · #7 10-07-2006, 09:51 PM

johne? why are you knocking yourself out? No sense of smell? I'll pay you 10-12 % per year, cash for your money. John

billyidol · #8 10-08-2006, 01:59 AM

the bank has lent money to the current owner of the land to buy land of a CERTAIN SIZE.
The current owner of the land can not simply sell off the land in small chunks. The bank will lose IT'S property / security. I say 'IT'S'...because the bank is the owner of the property until the mortgagee pays the debt off! In, short the current owner is not free to sell any part of this land until HE holds the land title free and clear of any debt to the bank/lender!

Normally in any sale the lawyer conducting the sale will pay off the lender first ,and then give the remaining monies from the sale to the seller. So in effect the mortgage must be cleared in FULL before any sale can go through!

This sounds dodgy....!

Alfredo Guzman · #9 10-09-2006, 08:24 PM

A mortgage in a land does not limit the actual owner to sell the land to anyone, since it follows the land not the person and it would have the same legal effect over the land after it has been sold, this is if the mortgage has been duly publicized as required by law. The bank or the lending institution does not have a say in any of this, of course it will all be different if they are holding the title from the beginning, as they use to.

Regards,

Alfredo Guzman, Esq.