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ANSWER - I wish I could tell you that, as the owner of the property, you have an absolute right to keep the money that is being paid by NCDOT, but that would not be a correct or complete Answer. I have done literally thousands of real estate settlements and in each one of them where a lender and a mortgage loan were involved, the lender has always addressed this issue in the Note and Mortgage which they prepare and have the borrower sign at the time of settlement. Sometimes, the lender will provide that the proceeds will be divided between the lender and the borrower according to a percentage of the loan, and sometimes the lender includes language that provides a different way that these proceeds will be divided. Sometimes, the lender will include language that requires the borrower to pay down a certain amount, or a certain percentage of the mortgage loan. There is no Federal or State law that governs this division and it depends strictly on what the lender and the borrower have negotiated at the time that the loan was taken out.
Please let me know if you would still like to discuss this via telephone, or if you would like me to review your loan documents in order to give you a definitive Answer with respect to what language your lender included in your loan documents, and I will be glad to send you JustAnswer's "Offer of Additional Services", Okay ? :)