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solon313 · Joined: 10 Jan 2008 Posts: 1 1.36 Dollars($)

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

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

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

jenkin7 · Posted: Fri Jan 11, 2008 3:43 am Post subject:

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.

ckalvesmaki · Posted: Fri Jan 11, 2008 7:31 am Post subject:

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.

gmakerley · Posted: Fri Jan 11, 2008 2:35 pm Post subject:

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?

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