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/u/Due_Cauliflower5638
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We are just now looking into this so i don’t know much at all, excuse my lack of knowledge but that’s what I’m here for. 5.55 acres of land that my grandfather is wanting to subdivide to us so we can build a house but I’m concerned about the “repercussions” there may be for him so trying to gather info. I know things will vary given specifics of our circumstances but just looking for some general answers/info if anyone is able to help.
Already looked into the county’s codes and regulations and you can subdivide in our zone as long as each lot is 2.5 acres so that works. Let’s assume the mortgage allows for a subdivision, I’m aware they may not but we haven’t got that far because I’m not sure what it would do to my grandfather’s current mortgage.. My grandfather bought his house a while ago, it is worth probably double than his current mortgage so I don’t want that to change for him… Wouldn’t that happen given they would have to reassess and change the values of the properties (i’m assuming)? Or can it stay technically as one property just with subdivided lots…? He wants to just give it to us, doesn’t want us to pay so I’m not sure how that would go either.. TIA for any insight!
submitted by /u/Due_Cauliflower5638
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Questions about subdividing property that’s still under mortgage
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Already looked into the county’s codes and regulations and you can subdivide in our zone as long as each lot is 2.5 acres so that works. Let’s assume the mortgage allows for a subdivision, I’m aware they may not but we haven’t got that far because I’m not sure what it would do to my grandfather’s current mortgage.. My grandfather bought his house a while ago, it is worth probably double than his current mortgage so I don’t want that to change for him… Wouldn’t that happen given they would have to reassess and change the values of the properties (i’m assuming)? Or can it stay technically as one property just with subdivided lots…? He wants to just give it to us, doesn’t want us to pay so I’m not sure how that would go either.. TIA for any insight!
submitted by /u/Due_Cauliflower5638
[link] [comments]
Questions about subdividing property that’s still under mortgage
Continue reading...