If I took out a loan for a RV against my home, can I survey out some of the land and give it to my kids?
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If I took out a loan for a RV against my home, can I survey out some of the land and give it to my kids?
Asked on September 30, 2012 under Real Estate Law, Virginia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have a secured loan on your home (property) for the recreational vehicle that you purchased, you can try and sub-divide this property through the local zoning department. However, even if you get approval to sub-divide the property that you have written about, the lien (mortgage) on the property resulting from the loan for the recreational vehicle would remain on all sub-divided parcels since such is presumably recorded.
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