Hope someone can help me. We are in the process of building a home. Everything is finalized and we were supposed to close on our construction loan Friday morning. The bank called me today and said that during the title search they found a lien placed on the land.
The land, (6.2 acres) was gifted to us by my wife's mother who still lives in a house resting on another 4 acres. Back in 2002 she took out a $15,000 equity line of credit in which she still owes $11,500 on. Well this showed up on the title search and now my bank won't budge until the lien is satisfied.
Does anyone know if her bank (BOA) may possibly release the lien on our 6 acres that we just subdivided and keep it on her 4 acres and home? Or am I gonna have to pay off her ELOC prior to closing?
Any help would be appreciated!!
The land, (6.2 acres) was gifted to us by my wife's mother who still lives in a house resting on another 4 acres. Back in 2002 she took out a $15,000 equity line of credit in which she still owes $11,500 on. Well this showed up on the title search and now my bank won't budge until the lien is satisfied.
Does anyone know if her bank (BOA) may possibly release the lien on our 6 acres that we just subdivided and keep it on her 4 acres and home? Or am I gonna have to pay off her ELOC prior to closing?
Any help would be appreciated!!