Lot Spinoff Lien Release

[Mitch Freed]

I purcased a property Subject To an underlying mortgage and after the fact realized that I had a 2500 sq ft buildable lot. I have gone through all the necessary steps with the city and county to spin off the lot, re-established the property line, got a new Tax ID for the lot etc...

The underlying mortgage is being serviced by ASC and the beneficiary is Wells...i have been making the payments. The borrower is still the lady who i purchased it from as I bought "Subject To."

I do have authorization to speak to the bank regarding the loan...my question is, how to I go about getting them to release the new lot from the existing 80K lien on the house. I do not see a problem as I have an appraisal showing value for the house at 140K. So the reduction in value does not worry me.

I have found a buyer for the lot so I would like to get the lien released from it so I can complete the sale.

I am wondering what other experiences you have all had here.

Thanks in advance.