Great Barrington, MA asked in Real Estate Law for Massachusetts

Q: If my mortgage is in default, can I sell part of my land?

We are back $5,000 and have an offer of $25,000 for a part of our land

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1 Lawyer Answer
Christopher Tolley
Christopher Tolley
  • Boston, MA
  • Licensed in Massachusetts

A: You would have to obtain the permission of your current mortgage holder. They may not be willing to accept a partial payment in exchange for a release of part of the mortgaged land, and they certainly will not give a release unless you are current on the mortgage payments. They also might want to have assurance that the value of the remaining unreleased land is sufficient to cover the remaining amount due on the mortgage. it might be an opportunity to get current and/or pay down the mortgage balance. I suggest you contact them and discuss your intentions.

Lillian J. LaRosa agrees with this answer

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