Posted by Lonnie on February 04, 2001 at 19:19:03:
Hi Terri,
Check with your tax assessor to see if this has been done. If not, they can tell you what needs to be done.
Good luck,
Lonnie
Financing & disolving title in MI - Posted by Terri
Posted by Terri on February 01, 2001 at 20:08:23:
I currently have a 97 century mobile home on a 4 foot crawl space on 5 acres in MI.My financing is threw Conseco. Now I am looking to refinance with a regular bank because of the high interest Conseco charges. Why is it that banks frown so much on these types of homes & the value is so low compared to stick built homes? Also the appraiser said that I need to disolve my title so this is considered permanent home by going threw our township assessor. No one seems to have ever heard of this. How is this done?
Re: Financing & disolving title in MI - Posted by Lonnie
Posted by Lonnie on February 02, 2001 at 07:11:26:
Hi Terri,
MH’s not attached to the land, are considered personal property, same as an automobile. So you would have a title for the MH (several states still use a UCC1) and a deed for the land. And taxes are assessed accordingly.
What your appraiser is telling you is that you can have the MH changed from personal property, to part of the RE. This is normally done by removing the wheels, axles and hitch, and installing a permanent foundation. When this is done, the MH becomes part of the RE, and there is no longer a title for the MH.
By doing this, your banker should then be able to see an appreciating parcel of land with improvements (house) instead of lot with a depreciating MH on it.
Good luck,
Lonnie
Re: Financing & disolving title in MI - Posted by Terri
Posted by Terri on February 02, 2001 at 16:10:38:
Thanks Lonnie for the advice. My mobile home is already on a permanent 4 foot crawl space with an attatched 3 car garage. Does this mean that my title is already disolved & no more needs to be done about this?