Requirements to build a house on land with an existing house?
I want to demolish the 45 year-old house and build a new house on my mortgaged property. Do I need permission from mortgage company? by VinDebono646 from Washington, District Of Columbia. Mar 2nd 2017
Ernesto Marez (EMarez)
#103 ranked lender in Maryland - 11 contributions
you do not have to get permission from your current mortgage lender or bank.your construction loan will be used to pay off any existing mortgages ( liens) on the existing home.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Yes, you are destroying the collateral. They won't take too kindly to that.
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