Posted by Steve Helelr on May 03, 1999 at 18:26:17:
I have personal experience with this so I can comment. Yes you can split the lot/property prior to getting a new mortgage. However, when you sell the lot you just split the mortgage company will most likely not release the lot. Because its not in their favor to do so. So you will have to get a new mortgage for the other property now to clear up the old mortgage that includes all the property. Yes you could do this in a simultaneous close as long as all parties are willing.
Hope this helps,