If I have a home mortgage tied to a large piece of property and would like to partition off a portion of property, would I need to refinace?

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If I have a home mortgage tied to a large piece of property and would like to partition off a portion of property, would I need to refinace?

There is 106 acres property. I would like to partition off 70 acres and maintain my home on the

remaining 36 acres.

Asked on October 31, 2016 under Real Estate Law, Oregon

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

You can't do that without 1) paying off the mortgage, 2) refinancing the mortgage based only on the 36 acres you wiil keep, or 3) otherwise with the consent (agreement) of the lender. The mortgage is a contract; that contract has (I presume, based on what you write) all 106 acres  securing the loan; you cannot reduce the amount of property securing the loan without the agreement of the other party (the lender) or paying off the loan in one way or another.


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