Can I build on a lot of land I own but still have mortgage on it?
Written By: admin on August 27, 2009
One Comment
The property is in Luzerne county, Pennsylvania. I purchesed this lot with a loan and have not paid if off yet. I could get enough money to build a home withou taking out contruction loan but I would not have enough to pay off the entire lot mortgage + full cost of building a home. Can I build on a lot that has a mortgage on in my name/
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Of course you can, it is in the best interest of the lender that has the note and the mortgage to allow you to build on it, it increases the value as compared to the overall debt in the event of foreclosure. You should but look into getting a bridge loan to do the construction with the lender that has the original loan and question for a permanent loan at the end of construction that will merge the ancient loan with the bridge loan into one loan.
Best of luck to you