Need.To.Know
New Member
- Jurisdiction
- Montana
Twenty acres of rural land was bought with cash and Title was transferred. Several years later the home was built by way of construction loan. The land was not used as collateral. When the home was completed, the construction loan was transferred to a conventional mortgage loan where the house was used as collateral. Facing foreclosure, will the bank get all the land too? or just the acre below the dwelling? I ask because the property tax assessment has it divided as: 1 acre beneath improvements. 19 acres of Non-qualified ag land