Posted on: 05th Jul, 2004 05:18 pm
Lease hold mortgage is a mortgage loan on a home, where the borrower does not actually own the title to the property. The borrower has a recorded long term lease on the property.
Important features:
Important features:
- Indirect Ownership - The property in not owned directly by the borrower.
- Time period - It normally ranges up to 99 years, but it can be as long as 999 years for a lease hold commercial property.
- Leasing of land - It is a mortgage on a home where the land is leased rather than owned.
- Amortization - It carries a precondition to be amortized over a period that is shorter then the land lease.
Is there a state regulation against consumer Lease Hold Mortgages in Florida
Hi Katherine,
Welcome to the forums.
The State regulatory body for Florida leasehold mortgages is the Office of Financial Regulation. You can contact them at http://www.flofr.com/Director/ofrcontacts.htm .
Take Care
Welcome to the forums.
The State regulatory body for Florida leasehold mortgages is the Office of Financial Regulation. You can contact them at http://www.flofr.com/Director/ofrcontacts.htm .
Take Care