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11-18-2008, 09:55 AM
| | Junior Member | | Join Date: Oct 2008 Location: NC
Posts: 10
| | | Recombination of property under mortgage
What is the name of your state (only U.S. law)? North Carolina
If a property owner purchases a new tract of land adjacent to their existing property, which is currently mortgaged, can a recombination of the two parcels be recorded? If so, does the new combined property fall under the lein held by the bank? What other considerations might there be?
Thanks,
David |
11-18-2008, 03:53 PM
| | Member | | Join Date: Dec 2007 Location: New Hampshire
Posts: 103
| | | Sorry, no advice... just a question. Why do you want to consolidate the two separate pieces of property? A consolidation may not allow you to split the properties in the future.
The inability to split the properties might subject the new property to the conditions of the bank lien, and might cause you problems in the future with subdivision or other local zoning ordinance regulations if you want to divide or sell some of the property.
Local law may be different, but generally, having two pieces of property may allow you to readjust the sizes of each piece, subject to ordinance and other requirements. This may be of some benefit in the future. |
11-18-2008, 04:34 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by RideRed250  What is the name of your state (only U.S. law)? North Carolina
If a property owner purchases a new tract of land adjacent to their existing property, which is currently mortgaged, can a recombination of the two parcels be recorded? If so, does the new combined property fall under the lein held by the bank? What other considerations might there be?
Thanks,
David | **A: yes it could under a consolidation but keep in mind that when this is done that the mortgage would be secured on both properties. Not a wise move.
Last edited by HomeGuru; 11-19-2008 at 10:56 AM.
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11-19-2008, 08:56 AM
| | Junior Member | | Join Date: Oct 2008 Location: NC
Posts: 10
| | | Thanks for the advice. This was a scenario that the county planner said might be required, due to the fact that the tract was less than 10 acres.
I did find out yesterday from the planner that this will not be a problem, as some of his initial assumptions (a different story) were incorrect. The tract will not have to be combined.
Thank you for your quick advice.
David |
11-19-2008, 10:57 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by RideRed250 Thanks for the advice. This was a scenario that the county planner said might be required, due to the fact that the tract was less than 10 acres.
I did find out yesterday from the planner that this will not be a problem, as some of his initial assumptions (a different story) were incorrect. The tract will not have to be combined.
Thank you for your quick advice.
David | **A: you need legal advice not planning advice. | |
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