Posted by JT-IN on February 22, 2002 at 24:21:45:
I have not seen any of the docs from this case so I certainly do not know the precise answers to your pungent questions, but let me say this about that which you ask…
The only way that this mess makes any sense is for there to be a mtg on the dirt and a seperate lien on the modular, as personal property. This is the type of thing that could get a Jr. banker fired, I would think. Or, it may have been intended for this property owner to file this affidavit, which he neglected to do, (which of course, the bank should have had signed and in the file origianlly), and at which point the Lender would have consolidated its liens on the modular, which would have been intended to be a temporary (interim) lien, into the mortgage only. This owuld have provided some protection for the bank in the event that Mr, Previous Owner does not perform, as in the manner of not filing this affidavit, et al ways.
Again, this is the only way that it works in my little noggin.
Very interesting, and one of the 10,000 ways that you can get sideways in this RE investing business. It is a good thing that there are at least 5 or 6 ways to make some money in this biz, to offset some of the 10K ways to go astray… LOL
The best to you… see you in Atlanta.