Can I build on a lot of land I own but still have mortgage on it?
Tags: building a home, cost of building a home, enough money, luzerne county pennsylvania, mortgage
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on Wednesday, November 25th, 2009 at 7:25 am and is filed under land mortgage.
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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 however look into getting a bridge loan to do the construction with the lender that has the original loan and ask for a permanent loan at the end of construction that will merge the old loan with the bridge loan into one loan.
Best of luck to you