Posted by John Behle on March 09, 1999 at 18:58:16:
This question might be best posted on the other newsgroup. I’m not as much into mobile home paper as some of the others on that newsgroup. Most of the mobile home people play over there.
Wrap around financing - Posted by osirus
Posted by osirus on March 09, 1999 at 10:17:57:
I am scheduled to meet a mobile home seller this Saturday. The seller is open to financing. I intend to resale with wrap around financing; assuming that the oringinal seller agrees to favorable terms. I understand the basic concept of “wraps”; but I have some questions.
1.) Are there standard contracts and “weasal clauses” used in “wrap arounds” when I am the buyer?
2.) I want to avoid ever having the mobile home titled in my name because of the cost of tax, tag and title transfer fees; which can be quite expensive. Is there a way to insure that the oringinal seller will not incumber title if they insist that the title remains in their possession and title is never transfered into my name?
3. What roll if any could a escrow service play in this transaction?
Any help is much a appreciated.
Re: Wrap around financing - Posted by David Alexander
Posted by David Alexander on March 10, 1999 at 19:53:52:
You’ll probably just have to get a power of attorney. th title will still be with the lender like a car I believe. You might be able to have the lender put the title in a Paper trust.
David Alexander