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Question about selling land

We bought our house almost two years ago. This included two parcels: one acre with the house on it and then 0.91 acres of land. The land is covered with a bunch of trees currently, but it is in city limits and could be used for housing development.

Our loan for the mortgage covers both parcels of land. If we want to sell the 0.91 acres of land, but keep our house, how would this work? Would we be able to have the total balance reduced by what we paid? Would we have to refinance? How does this process work?

submitted by /u/pngpng32
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source https://www.reddit.com/r/RealEstate/comments/1dax2tu/question_about_selling_land/
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