Conventional Mortgage for properties with ground rent - Baltimore

[Jhonny Paulino]

Hello,

Looking for reference or information for a mortgage company or any financial institution who can do a long term mortgage refinancing on a Row house with ground rent in Baltimore where the owner is not register with the SDAT. I got approved for a refi and was going thru the process of closing on the loan, however the underwriter stop the deal because they don't do mortgage with ground rent. The house appraised at 142k, the current loan on property 57K, tittle and ownership is under LLC but willing to switch to personal name if the deal is good . my credit score is on the 680 mid range. Any real estate investors out there that successfully done this type of deal can PM the info or reference will be greatly appreciate it.

[Rich Baer]

@Jhonny Paulino

I don't understand what the problem is. Are you working with a title Company or Attorney? There are 2 simple solutions. Buy the ground rent after a title search is performed locating the owner or get a redemption certificate from the State. In the latter case, you send the ground rent redemption amount to the State and they issue you a certificate that gets recorded in the Land Records extinguishing the ground rent if the owner can't be located.