Posted by terryr on March 13, 2001 at 22:31:01:
she should have no problem pulling that mh back off the land when she starts building a new house there becasue the new home would be much better collaterall than the mh - when she gets started on the new home and the take out loan is started she will be ok
Mobile home titles - Posted by Lisa Mallard
Posted by Lisa Mallard on March 13, 2001 at 16:54:57:
My sister-in-law owns a moble home on some acreage of land. She wants to know if she makes the moble home part of her real property, can she ever sell the moble home later and have it moved to another site? She plans to someday build a house on her land. The reason she wants to make her mobile home part of her property is that she is trying to re-finance her loan and was told that it would be much easier with real property. She knows that she would have to give up the title of the mobile home in this process. I hope this makes sense. Thank you. By the way, my grandfather’s name was Earl Tew. We live in Idaho. I don’t hear that name very often. Maybe there is a relation.
Re: Mobile home titles - Posted by Pat
Posted by Pat on March 15, 2001 at 12:26:09:
When a mobile home on land is turned into “real property,” a.k.a. purging the title, the mobile title or titles on a dbl. wide are destroyed because you now are titled as real prop.(real estate) just as if that home was built where it sits on the land. This assumes the home is on a perm. foundation accepted by the local county & meeting county codes. Your investor will also have guidelines to be met re. the foundation. There are a few loan programs that will put a lein on the home & land without a “perm. foundation” but the rates are not as low as they would be if you had a HUD code foundation. Please feel free to call me at 303-487-7748 & I’d be glad to explain in more detail. I’m also a mortgage broker w/ 6+ yrs mobile home lending experience, both in park as well as land/home transactions are currently a majority of my finance business. Hope this helps.
Pat