Property and structures built.

We are making payments to our mortgage company for our house. We built the house on property that we owned outright which we paid cash for. Would the mortgage company be interested in buying the land from us?

Your home – that is the stick built structure (or equivalent) and the land, are one and the same. Real estate is unmovable, so the improvements you have made to the land (your home) and the land itself, are considered the same thing. To answer your question plainly, mortgage companies or lenders are not in business to own real estate; they are in business of lending money. To protect their investment (the money lent out) they require collateral, which is the real estate you own. A mortgage company is not going to be interested in buying the land. Point in fact, if you have a mortgage on your home, you have a mortgage on the land on which the home sits, which means they already own the rights to that land should you happen to default. If this is still unclear to you, I highly recommend you review the differences between real and personal property.

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