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.