Posted by Ruben (KCKS) on May 28, 2006 at 20:41:50:
Jen,
I know there have been some posts about taking over units that have mortgages on them but if you are just starting out I advise to pursue only units that have a clear title. They are easier to deal with. Read DOW and then read it at least one more time. After that dive in and do a deal. After doing your first deal read DOW again.
To answer your question most lenders will keep the original party signed who signed the loan on title with the lender as a lienhold. Most lenders will not allow the title to be transferred without paying off the loan. Most mobile home loans are upside down to begin with so pursuing those deals is usually not worth it. Stick with homes you can purchase for 1-2K and resell for 3-6K and you can not go wrong.
Good Luck
Ruben D. Flores
816 918-9041