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Updated almost 5 years ago,
Receiving land from parents with mortgage on land?
My fiancé and I are in the process of beginning our first home buying experience. We live in a small town in Georgia.
My fiancé’s parents live on a large area of land and have offered to gift us a few acres for us to build a house on if we would like. After discussing the pros and cons of building, we’ve decided that this is something that we would be interested in tackling.
We were wondering what her we all may experience trying to get this property transferred from them to us, being that the property is part of the mortgage. Obviously the property is part of the lenders collateral.
Is it possible? Would the property need to be paid for from their mortgage? Etc.
Any information on this topic would be appreciated.
Thanks!