Ground rent owners sue Md.

Ground rent owners sue Md.

There are 18 comments on the Baltimore Sun story from Nov 2, 2007, titled Ground rent owners sue Md.. In it, Baltimore Sun reports that:

Dozens of Maryland's largest holders of ground rents sued the state yesterday, seeking compensation that could exceed $400 million, contending that ground rent reform laws effectively seized their property.

Join the discussion below, or Read more at Baltimore Sun.

afmca

United States

#1 Nov 2, 2007
What a bunch of bloodsuckers... I have absolutely no sympathy for them. I would rather see the legislature give each home owner the money to pay off their ground rents and put these people out of business once a for all. Since ground rents are illegal going forward all Maryland has to do is get rid of the existing ground rents.

If not possible then is it okay to burn your home to the ground if evicted by these slim balls since they only own the ground not the structure on it. I wouldn't give them the satisfaction of taking my home.
BigdaddyRaven

Baltimore, MD

#2 Nov 2, 2007
These ground rent owners are some sleezy, dispicable, money grubbing filth!!!!
Wallace

Washington, DC

#3 Nov 2, 2007
I think that the owners of these archaic ground rents are scum of the earth. For them to get angry because they can't take someone's home, worth thousands of dollars, and pocket all the money for a paultry sum ($20+) is disgusting.

They are using this law to "steal". I am glad that the state of Maryland got out of the strongarming business with this vermin! To put poor people out on the streets, people that don't understand this secretive and complicated legal process, is just the lowest of the low.

Let them have their day in court. Let's hear how hurt they are. Let's hear how they have a right to be able to take someones home, the largest investment in most peoples lives, over a few dollars, and throw them in the street. Let's hear it. Then send them home with their tails between their legs!
Preditors

Baltimore, MD

#4 Nov 2, 2007
Ticks have to finally get a real job and stop ripping off the poor and uneducated.
laura

Hopkins, MN

#5 Nov 2, 2007
Why would changing the conditions on ground rent qualify as the seizing of private property for public use when condemnation isn't, al a Kelo v. City of New London?
DDL

United States

#6 Nov 2, 2007
I recently sold a home with a ground rent. When I first purchased the home, I had no idea that I had a ground rent. A bill came about 2 months after I moved in looking for ground rent for several months before I purchased the home. After several letters and one nasty phone call to the ground rent company, the matter was corrected. Ground rent is an antiquated system that must go!
dunwitwining

Lexington, IL

#7 Nov 2, 2007
Wallace wrote:
I think that the owners of these archaic ground rents are scum of the earth. For them to get angry because they can't take someone's home, worth thousands of dollars, and pocket all the money for a paultry sum ($20+) is disgusting.
They are using this law to "steal". I am glad that the state of Maryland got out of the strongarming business with this vermin! To put poor people out on the streets, people that don't understand this secretive and complicated legal process, is just the lowest of the low.
Let them have their day in court. Let's hear how hurt they are. Let's hear how they have a right to be able to take someones home, the largest investment in most peoples lives, over a few dollars, and throw them in the street. Let's hear it. Then send them home with their tails between their legs!
Good point, it is Ok for them to steal people's houses under flimsy excuse but boy do they howl when they think the state is going to "steal " from them.
Ground Renter

Washington, DC

#8 Nov 2, 2007
As a homewoner who has to pay a ground rent on "my" property, I have no problem paying the $54 every six months due to the ground rent "owner" ($1800 land value x 6% rent per year =$108 ground rent per year). However, at the time I purchased the home, none of the professionals involved with the real estate transaction had any firm idea what the laws were governing ground rents, but all assured me that there would be no way for the ground rent owner to be able to seize my house if the payments were delinquent. As the Sun articles showed, this was not the case.

Also, my mortgage company required all taxes and insurances on the house be paid through an escrow account that they held, and they had no idea what a ground rent was and they initially didn't pay it for nearly a year! Thankfully the ground rent owner didn't force the issue, but it showed me how easily the ground rent could have been used to seize my house.

Not only that, but every time my mortgage is sold to another bank (which has happened at least twice), I have to go through the same process of explaining to them what a ground rent is, who to pay it to, and when to pay it. Again, paying $54 every 6 months is not a big deal except for the fact that if push came to shove, the system is so archaic and esoteric that a payment can easily be missed and the ground rent owner used to have the power to seize my $200,000+ house for a delinquent payment of $54. I can only hope that the new laws restrict this power.
Real estate expert

Baltimore, MD

#9 Nov 2, 2007
All the people complaining about ground rent owners, labeling them "bloodsuckers, sleezy etc." are uneducated fools. When you buy a property that has a ground rent, this is IN THE CONTRACT. People who are too stupid to read things before they sign deserve what is coming to them.
I am so sick of people complaining about problems they brought upon themselves and then seeking the government to bail them out. If only Baltimore was "the city that reads" as the benches suggest, people might read their contract and understand what they are agreeing to. Instead, Baltimore is the city that breeds...stupidity, among other things.
afmca

United States

#10 Nov 2, 2007
To Real estate expert - I was wondering when the pin-heads for ground rent would chime in. It has been well documented how many ground rent owners make it impossible to pay. In this day of 6 figure mortgages the right thing to do when pruchasing the house is to also purchase the ground rent and get rid of all complications. My parents did just that.

The problem is that many ground rent owners are just sleaze looking to over bill and penalize to extract a house for no investment. Ground rents are archaic and need to be eliminated once and for all. After that let's go after the slime of absentee landlords and owners of abandoned properties - I wonder how many of them are also ground rent owners?
Critter

United States

#11 Nov 2, 2007
Real estate expert wrote:
All the people complaining about ground rent owners, labeling them "bloodsuckers, sleezy etc." are uneducated fools. When you buy a property that has a ground rent, this is IN THE CONTRACT. People who are too stupid to read things before they sign deserve what is coming to them.
I am so sick of people complaining about problems they brought upon themselves and then seeking the government to bail them out. If only Baltimore was "the city that reads" as the benches suggest, people might read their contract and understand what they are agreeing to. Instead, Baltimore is the city that breeds...stupidity, among other things.
You,'Real estate expert', may know all the ins and outs of ground rent, but how many people involved in the real estate process do not know anything at all about ground rent?

'Ground renter' can tell you from personal experience how the mortgage companies don't know. In fact,'Ground renter' just explained how he had to educate three mortgage companies on how ground rent works.

How about someone moving to Maryland where the concept of ground rent is not known? Say someone from the Mid-West? The concept is totally foreign. And if the "professionals" involved in the real estate transaction don't explain what ground rent is, how it affects the property, and the consequences of not paying, is it the fault of the home owner or the "professionals" who were involved in that real estate transaction? Logic would say the "professionals" if the house is lost. The law, as formerly written, states it is the home-owner who loses, with no recourse to recoup losses from the 'professionals' who gave false or misleading advice, or were totally negligent in properly informing the home owner of the process.

I'd wager a pretty penny,'real estate expert', that you are somehow 'adversely' affected by the change of law, and that you are a party in the law suit discussed in this article. If so, you are among the scum of the scum of the earth.
Rob

Baltimore, MD

#12 Nov 5, 2007
Real estate expert wrote:
All the people complaining about ground rent owners, labeling them "bloodsuckers, sleezy etc." are uneducated fools. When you buy a property that has a ground rent, this is IN THE CONTRACT. People who are too stupid to read things before they sign deserve what is coming to them.
I am so sick of people complaining about problems they brought upon themselves and then seeking the government to bail them out. If only Baltimore was "the city that reads" as the benches suggest, people might read their contract and understand what they are agreeing to. Instead, Baltimore is the city that breeds...stupidity, among other things.
So you're saying it's okay to take advantage of "stupid" people? Nice.

That's how a lot of grifters rationalize why it's okay to trick senior citizens into unneeded home repairs. I bet you expect understanding if you make a mistake, or fail to comprehend a situation.

People shouldn't have their homes taken because they didn't understand the process. Name another situation where a debt holder gets a reward so out of proportion to the debt owed? The new rules are much more reasonable.
Real estate expert

Baltimore, MD

#13 Nov 5, 2007
Critter wrote:
<quoted text>
I'd wager a pretty penny,'real estate expert', that you are somehow 'adversely' affected by the change of law, and that you are a party in the law suit discussed in this article. If so, you are among the scum of the scum of the earth.
Actually I am not adversely affected by the change of law and am not party in any such lawsuits. I have never owned any ground rents.

I am just somebody who is sick of seeing stupid people get themselves into trouble then cry to to government to bail them out. Same type of people were the ones complaining about the exotic mortgages they signed in the past 5 years, then when the time came for the rate to adjust, they wailed and screamed, crying "not fair" and asked congress to bail them out. It's not the government's role to insulate people from their own stupid decisions. Time for a little personal responsibility - that means accepting the consequences of your actions. One such action is fulfilling the terms of a contract that you sign.
Rob

Baltimore, MD

#14 Nov 6, 2007
Real estate expert wrote:
<quoted text>
Actually I am not adversely affected by the change of law and am not party in any such lawsuits. I have never owned any ground rents.
I am just somebody who is sick of seeing stupid people get themselves into trouble then cry to to government to bail them out. Same type of people were the ones complaining about the exotic mortgages they signed in the past 5 years, then when the time came for the rate to adjust, they wailed and screamed, crying "not fair" and asked congress to bail them out. It's not the government's role to insulate people from their own stupid decisions. Time for a little personal responsibility - that means accepting the consequences of your actions. One such action is fulfilling the terms of a contract that you sign.
And it's time that ground rent holders take responsibility for their actions, and stop crying about not being able to kick people out of their homes for debts as little as $24. The new ruthless breed of ground rent holders created the situation that led to a change in the laws. They took advantage of antiquated, vague laws, exploiting every loophole they could find to separate home owners from their homes.

People should pay their ground rents, but in no other situation is a debt holder able to get payments of hundreds of thousands of dollars on a debt as low as $24. In no other situation is it so difficult to find a debt holder because of a lack of records. The new laws preventing ejections, creating a registry, and regulating ground rents is much more fair.

But, of course, they'll always be people like you, waiting for their chance to take advantage of others whom they deem "stupid". When it happens to you, or someone you care about will you be so cold?
notasevilastobac co

Crozier, VA

#15 Aug 2, 2010
Not all ground rent owners are scum, as many of you think. We are investors, trying to earn money from investing our hard earned money that we've put into this form of real estate. Many large ground rents are owned by large non-profit charities. Others treat it as a commodity.
Do you think that stock owners shouldn't get dividends?
Do you think that when a person doesn't pay their car loan that the car shouldn't be repo'd?
When handled properly and historically, ground rents can allow and have allowed people to buy properties that they couldn't afford otherwise.
If you buy a property and don't know there is a ground rent on it, you should have a serious discussion with your realtor, who took 5% commission, and your title company, who will take more than your ground rent owner! Both the realtor and the title company are supposed to know that there is a ground rent on the property and they are obligated to advise you of your rights.
Yes. It need some reform. There needed to be a better way of keeping track of the ground rent owners. I think this it the one good thing that came from the new laws.
And, yes, there are some who will cheat the system and make the rest or us look bad. But, aren't there jerks and scum in every line of work. Look at our politicians and lawyers. Look in your own line of work.
Think before you paint with a broad brush.
Notsoevilafterall
Sporty

Columbia, MD

#16 Aug 14, 2010
Didn't these people know they were paying ground rent when they purchase their property!

Some home buyers have to pay a community fee.
emily

Baltimore, MD

#17 Sep 16, 2010
A home owners association fee is nothing like ground rent. For the fees you pay, you get bike paths, play grounds, up keep of community areas, and more. Ground rent payers get nothing other than the privilege of living in their home. Reading the contract doesn't and seeing that a ground rent exists doesn't make the concept any less infuriating.

And I'm sorry, no, ground rent owners are scum since the concept of feudal lords died out. Rent holders get money for doing nothing. Ground rent doesn't make the price of the home drop. It doesn't pay for the upkeep of the ground. It's classist and disgusting and taking money for providing absolutely no service. If you can't see the different between people who take our money and provide services (even if we disagree with what they do) and people who take money and give nothing back, I feel very sorry for you, even with your large pile of someone else's money.
Barb Baltimore County

Reisterstown, MD

#18 Dec 21, 2012
I recently received a notice of intent to Quit Claim my home if my ground rent was not received within a month. This is a rip off. How can you own a home and not the ground under it? Ok, can we put the shoe on the other foot? Since THEY own the ground and YOU own the house, they should be expected to maintain the grounds around your home. That would be landscaping, grass cutting, hedge trimming, seeding, watering, snow removal, dead tree removal, etc. If they own the ground, it is THEIR responsibility. I am required to maintain my home, according to my mortgage lender, so, if they own the property your home sits on, they should be responsible to maintain it. I don't live in Baltimore city, I live in Baltimore County, on a a 1/4 acre lot with a three bedroom rancher on it. There is a dead oak tree on the property which would cost a couple of thousand dollars to have removed, and it costs time and money to care of the grounds themselves. This should be THEIR responsibility.

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