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Lot line agreements and mortgage restrictions

| Apr 17, 2020 | Neighbor Disputes |

You and your neighbor are unsure exactly where your lot line is situated. There is just one fence, and it was there before either of you owned your current homes. You always thought it was your fence from the orientation, but it appears to be too close to your neighbor’s garage, indicating that it may be on their land.

In any case, you and your neighbor decide to use a lot line agreement to officially state that the fence is on the property line and that it belongs to you. You have been thinking about upgrading it, so you started by talking to your neighbor to see what you could and could not do.

One potential restriction to be wary of is if you or your neighbor still have a mortgage that you have not finished paying off. In many cases, mortgage companies do not allow people to adjust the lots from what was agreed upon at the time of the loan origination, even if both parties agree to the change.

The problem, of course, is that the lender’s money is tied to that specific lot. If you fail to pay, they can foreclose on the property. They need to know exactly what they own and it has to match what they approved originally. If a lot line agreement alters the property and changes the value of that real estate, it may no longer match the amount that was given out for the loan.

As you can see, even boundary disputes that seem pretty straightforward can get complicated. Make sure you know your legal rights.