Warrior, AL asked in Banking and Real Estate Law for Alabama

Q: We have the deed to house and 16 acres of land and have an equity line for 80% of the value. Can we sell 1 1/2 acres of?

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Anthony M. Avery
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A: If you equity line of credit is recorded as a Lien against 16 acre property you have in that County, then no. You will have to read the Loan Agreement verbatim as it may attach to any property you own. It appears you already have a Mortgage and it encumbers the whole Tract, (not just most or 80% ???) of your land. The Lender might give you a Partial Release of the Mortgage.

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