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Generally not. The mortgage company has a right to the whole thing and they would have little reason to allow the mortgage holders to split it up. There is going to be a lien recorded by the mortgage company on the property. However, if the value of the piece they would be left with is really much more than the mortgage debt, they may allow it, for a fee. Or alternatively, you could break it into two (or more) pieces and get a mortgage on each, using the proceeds to pay off the original at closing. It may also be possible to do a Quit Claim deed splitting the property. This doesn't eliminate or change the mortage holder's lien or rights, but may not be allowed in some states, or by the terms of the mortgage. I like the alternative listed above of splitting it and obtaining new mortgages to pay off the old one.

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Q: Can a piece of land be split up before it is paid for?
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