All Forum Posts by: Thomas Brittingham

So my principle residence sits on 4 acres and I have someone interested in exchanging some of my unused portion (1-1.5 acres) for a rental property. My home and land is still under a mortgage and therefore, I have to do a partial lien release. In the banks own words: " Fund's to lower the loan's principal balance may be required, even if there are no proceeds from this transaction. The funds required may be more than the proceeds of this transaction." 

My question is this: What if my house minus the acre or so of land appraises HIGHER than the principal balance owed on the note?

Hey Bigger Pockets Community, just wanted to introduce myself. My name is Thomas Brittingham Jr. and I'm from Augusta, GA., home of the Masters. I currently live in North Augusta, S.C. and own one rental property. It was my primary residence for 7 years until I moved out last August. I had always intended that house to be my first rental property and now I'm interested in acquiring more. I stumbled upon the podcast about a month ago and have been listening to and from work 4-5 days a week. Looking forward to connecting with this community and hopefully purchasing another rental in the very near future.