Posted by Alex Gurevich, TX on March 17, 1999 at 21:32:53:
Thanks for the info. Based on what you say, it sounds the concept of taking a MH “subject to” is nearly identical to the same with a house, except a different kind of trust is used. Perhaps I am getting ahead of myself, but still a couple of more questions.
How does the MH park management figure into the equasion. I talked to them today and they don’t mind letting me keep the MH in the park as long as they receive their rent. Since they have a “no tenants” policy I can’t lease the MH out, but they would not mind me selling it and putting a buyer in it, as long as that buyer qualifies for their lease. I have examined their lease agreement, and it appears there is a requirement to furnish a proof of title. Since there’s still a loan on the MH, the owner does not have a title but just the financing agreement. How do I prove I am the new owner ?
One other twist is that the MH was purchased in the name of the current owner’s husband, who is now deceased. She is nowhere on the paperwork, although she has lived in the MH from the very beginning and has been making payments herself for the last several months. Any ideas on how to make sure I get all the right papers signed, so that I’ll be able to receive and pass onto my buyer the title when the loan is eventually paid off or refinanced ? (I’ll be borrowing the Ernest Tew’s book from a friend until my order arrives; I hope to find some answers there).
The park manager also suggested that I visit the Texas Manifactured Home Assosication in search of rules, regulations and licensing. Seemed like a good idea to me.
Appreciate your time.