dividing property encumbered by mortgage

What is the name of your state? Michigan
We have forty acres and a house. We have a mortgage on the whole property but would like to split the house off with five acres. We have spoken with our township supervisor and he says the zoning is cool, but what do we do next? We have the mortgage to deal with

[HomeGuru]

Originally posted by sickofthisplace
What is the name of your state? Michigan
We have forty acres and a house. We have a mortgage on the whole property but would like to split the house off with five acres. We have spoken with our township supervisor and he says the zoning is cool, but what do we do next? We have the mortgage to deal with

**A: you must hire a surveyor to survey the parcels and hire an attorney to submit a subdivison application. You also need to talk to the mortgage lender about partial releases or new mortgages on each subdivided parcel.

[COLOR=blue]Thank you![/COLOR]

Also, we have about 14000 bucks worth of red pines on the property and we want to cut it and sell it since we are going to clear these lots anyway, to develope. We don't have to tell the mortgage company that we are going to cut the trees do we? Also, do we have to give them any of the money? We want to use it for the survey and stuff.

[HomeGuru]

Originally posted by sickofthisplace
[COLOR=blue]Thank you![/COLOR]

Also, we have about 14000 bucks worth of red pines on the property and we want to cut it and sell it since we are going to clear these lots anyway, to develope. We don't have to tell the mortgage company that we are going to cut the trees do we? Also, do we have to give them any of the money? We want to use it for the survey and stuff.

**A: most likely not but read your mortgage docs to be sure.