Quote:
Originally Posted by evilnewbie
I was thinking a moment ago... if you buy vacant land and paid it off completely, you own the land... suppose you got a construction home later and after it was finished being built, you default on the mortgage... don't you still own the land the house was sitting on? The bank can take away the house but can they take away the land? Just curious...
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The bank will encumber the house and land in the construction loan.
It is part of their securitization. The improvement is worthless without the dirt.
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