Posted by Chuck (AZ) on February 19, 2002 at 12:18:48:
I’ve already addressed this in the Mobile Home forum, but apparently it went right over your head.
It’s also clear to me that your tripping yourself up on the symantics of it.
You don’t release the title to the buyer UNTIL the property is paid in full, regardless of weather you still owe on it or own it free and clear.
In this case, you’d want to do a “wrap-around mortage” or a lease-option. Personally, I’d go with the wrap… essentally creating a 3rd mortgage that you’d hold until it’s satisfied.
Keeping this in mind, go back and re-read my original post on it.
How in the world do I make this work??? - Posted by Kevin_TX
Posted by Kevin_TX on February 18, 2002 at 23:03:18:
Hi all,
I own a small mobile home park with 6 mobiles and 1 house on 4 acres. I want to sell the mobiles and possibly the house on a note or L/O. My question is that the mobiles and the house are encumbered by a 1st mortgage and 2nd note (to the previous owner). How in the world do I sell those mobiles on a note if the titles are encumbered? I won’t be able to just give the bank enough $$ for them to release if I will only get $1,000-$2,000 each in down payment. Any thoughts?