Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

Lease Hold Mortgage Companies/Brokers

Author Message
Icon Mini Profile solon313





Joined: 10 Jan 2008

Posts: 1

1.36 Dollars($)
Post Posted: Thu Jan 10, 2008 4:59 pm    Post subject: Lease Hold Mortgage Companies/Brokers
Like 0
Dislike 0

Hello, I currently have 28 years remaining on a 30 year mortgage for my home. We reside in a private gated community whereby the country club owns several hundred acres of land. Each of the residents have 1.3+ acre lots which we lease individually for 99 years from the club.
Firstmerit Bank in OH currently has my mortgage, and I am considering options if any. Can you assist?
Thanks,
Sean
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Thu Jan 10, 2008 5:38 pm    Post subject:
Like 0
Dislike 0

Hi Solon,

Welcome to the forum.

I like to ask you what the interest rate are you pay right now. What kind of options are you looking for?

Looking forward to your reply

Best of luck,
Larry
Icon Mini Profile jenkin7
jenkin7




Joined: 04 Jun 2007

Posts: 4537
Location: Hawaii
728.43 Dollars($)
Post Posted: Fri Jan 11, 2008 3:43 am    Post subject:
Like 0
Dislike 0

Hello Solon,

You may do that. A typical leasehold mortgage would require a long term lease of 49 years or more. Since you have it for 99 years, I believe, you won't have a problem. For this mortgage, you shall remain responsible to pay the real estate taxes and all other property expenses along with the rent due under the lease.

You should first decide if you are capable of making payments towards both the mortgages as you already have a long-term mortgage in your name. I say this because if you somehow default in making the payments, the lender has the rights to foreclose your leasehold mortgage and may even sell that.

You should get a 'memorandum of lease' where the landlord and the tenant of the land declare as the two interested parties of the existing lease, and record this before you obtain the mortgage.

Feel free to ask the community if you have any further query.
Icon Mini Profile ckalvesmaki

Community Expert
Community Expert



Joined: 28 Jan 2006

Posts: 378
Location: Dallas
56.51 Dollars($)
Post Posted: Fri Jan 11, 2008 7:31 am    Post subject:
Like 0
Dislike 0

That isn't normally an issue......what is your loan amount? Are you looking to refi? Basically it termed a leasehold estate on your application rather than simple......and there are a few lenders who will approve a loan based on a leasehold estate.
_________________
Cedric Kalvesmaki
***Professional Disclaimer***
While I am a Mortgage Professional, this advice is generic in nature only.

888-383-9019

emails and PMs gladly answered
www.freedommortgagetexas.com

Freedom Mortgage
I live in TX but cover all 50 states
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
Post Posted: Fri Jan 11, 2008 2:35 pm    Post subject:
Like 0
Dislike 0

i am baffled by your question. did you really ask a question?

you want to consider options: such as? do you wish to sell the property? rent it out? walk away? prepay the mortgage?

_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.098 seconds.