Small problem with my "Lonnie Deal" - Posted by Mikeb(SC)

Posted by Tony-VA on March 09, 2000 at 15:13:40:

Simply ask her. Stop by and simply say that you just noticed that she had not signed one of the closing documents. Have her sign it like this is just a routine run of the mill task. The more you make of it, there more she will. As you are handing her the paperwork, keep chatting and ask how things are going with the home. How does she like the park etc. All the while handing her a pen and pointing to the highlighted line for her to sign. Have another copy for her to keep.

As for the title. Keeping the title in my name is not my preferred means of doing business. Why not put it in their name with you as the lien holder? You still retain the title. Yes you will have to reposses if they default but if they default, you are going to have to evict anyways. Generally my repos simply call me and surrender the home for the balance of the note.

By having the title in their name, I get my name clear of the property (accept for the lien). If the home becomes delinquent in lot rent, property taxes etc. the buyer who’s name is on the title is going to be on the hook. Additionally, by having their name on the title, and requiring them to have insurance, I remove myself from the liabilities they create. If someone falls off the porch, I want the home in their name when the civil suit hits.

Everyone can quote off the wall case rulings. One that I know of that happened to a contributing member of this site. A judge ruled that the sale of the home was not really a sale but rather a rental unit. The buyer sued and won the downpayment, claiming it was a Deposit. Now there may have been other factors involved, but I would feel a little weak walking in front of that judge with the title in my name.

I simply do not see any advantage to keeping the title in your name. It only costs $10 to get a repo title here in VA, once we have possession of the home. Just food for thought.


Small problem with my “Lonnie Deal” - Posted by Mikeb(SC)

Posted by Mikeb(SC) on March 09, 2000 at 14:05:06:

Maybe some of you have run into this situation in the past and could give me some advise.

I sold a MH by “Lonnie Deal” about 8 months ago to a young couple with a small child. When I first showed the home to the couple they looked at it together and decided they liked it. The next day when we signed the paperwork only the boyfriend showed up, so he was the only one who signed the note. In retrospect, I should have made sure I had her on the note too.

I haven’t seen the boyfriend since the note signing and I’m wondering if maybe he hasn’t taken off. The girlfriend meanwhile, has made all the payments, and continues to make all the payments, on time and I’ve never had any problems with her.

I’d really hate to see her make all these payments for the boyfriend’s trailer and then have nothing to show for it in the end.

I don’t even know for a fact that he is truly gone since I don’t go around there very much. I’m going over there today to look at another trailer for sale so I might stop by and see if he’s still there.

Sometimes I think I’m better off to just leave well enough alone, stay out of their business, cash my checks and don’t worry about it.

But if I find out he’s truly “missing in action” what can I do to get her on the note? By the way, the title is in my name (since I don’t worry about signing the titles over on my Lonnie deals until they pay the note off) so that simplifies things some.


cash the checks ! nt - Posted by Laure

Posted by Laure on March 11, 2000 at 24:37:07: