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how to foreclose a mortgage

by hardraysnight
3 replies
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  • Profile picture of the author seasoned
    Originally Posted by hardraysnight View Post

    WOW! In the US, apparently, they basically mortgage the land, and things such as homes, and resources are considered fixtures and included, along with the related value.

    How do you mortgage a fixed home, without the property?

    As for this guy? Apparently a lot of people in the US trash homes. Maybe they don't do it so completely, but they trash them.

    Steve
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    • Profile picture of the author Dan Riffle
      Originally Posted by seasoned View Post

      How do you mortgage a fixed home, without the property?

      Steve

      I finance projects like that all the time in the commercial space. Think of every fast food restaurant you've ever seen in a mall parking lot. Damn near every one of them is built on leased land.


      The only problem I've ever seen is when an aging strip mall finally gave up the ghost and the city government snagged the property via eminent domain. A thriving Burger King in the parking lot was forced to shut its doors. They eventually reopened three years later across the street after the property was redeveloped.
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  • Profile picture of the author SteveJohnson
    How do you mortgage a fixed home, without the property?
    I owned a home in Madison, MS that way. The land belonged to the state and had a 99-year lease.

    People who trash foreclosed homes end up hurting themselves more. They can get sued, even go to jail.
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