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FHA SF purchase with Mobile home on site

timd354 said:
The answer to your question depends on the law of the state in which the property is located.....In any case, if I am a lender, I am not lending any money that is secured in whole or part by a manufactured home with an existing title without having the lien placed on the title to protect myself from the borrower detaching the manufactured home from the real estate and selling it off to another party.
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That is identical to the way a lender I am very familiar with operates.
 
Not that it matters much in the grand scheme, but I wonder how many 'sheds' have been given contributory value on appraisals to help get to that SP, only for the owner (sorry - borrower) to sell off that $5k shed a couple of years down the road...
 
timd354 said:
The answer to your question depends on the law of the state in which the property is located.....In any case, if I am a lender, I am not lending any money that is secured in whole or part by a manufactured home with an existing title without having the lien placed on the title to protect myself from the borrower detaching the manufactured home from the real estate and selling it off to another party.
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What you do is file both like a UCC-1 or whatever the lien is on the title plus a mortgage on the land. Smart. Very Smart. You are filing a lien on personal property and the land. You are covering both basis. On a title, the lien is easy but safest way is file personal property lien plus the title lien plus the mortgage on real property. Trust me. I know. The personal property lien is recorded in real property tax records. A lien on title like on a car is different in some regards. Safest way is cover all the basis.

Lien on title, lien on UCC-1 for personal property in real property records and mortgage on real property.

I will bow to you and say I am speaking only for Tennessee. Shelby County won't even issue a permit for a manufactured home anymore. So you are very correct in the jurisdiction you are working in.

There are tons of manufactured homes in Tennessee. Shelby County just won't issue a new permit for one at the moment on real property. I do not know what Shelby County (Memphis.etc) would do in a disaster as far as grandfathering one. I don't know. I would have to investigate with the County to know. They have like a few manufactured homes developments. I can think of 2 or 3. So, I don't know how that would work where all the homes in a development vs a home out on land and not in one of those developments would work. That would be in H&B use analysis for MV appraisal.

It has to be legally permissible in the jurisdiction both "as is" and "as improved" for MV appraisal.
 
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You do need to be sure its been de-titled because if its not, its not real estate. Its just a giant car that is parked that you can live in.
 
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Sadie said:
You do need to be sure its been de-titled because if its not, its not real estate. Its just a giant car that is parked that you can live in.
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I agree but title insurance companies get paid big bucks for that. Don't think I won't put foot down and they will jump.

My client will say okay. Let me ask our title insurance lawyer on that one.

thank you very much
 
Zoe said:
I agree but title insurance companies get paid big bucks for that. Don't think I won't put foot down and they will jump.
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i have never looked into how much the title companies got paid for it. It never crossed my mind until you mentioned it.
 
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Sadie said:
You do need to be sure its been de-titled because if its not, its not real estate. Its just a giant car that is parked that you can live in.
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While that may be true in Oregon and many other states, that is not true in every state.
 
timd354 said:
While that may be true in Oregon and many other states, that is not true in every
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perhaps it’s called something else, but you can’t get a mortgage on personal property. You can get a loan, but it’s a chattel or personal property loan.The loan terms are not real great.
 
Sadie said:
perhaps it’s called something else, but you can’t get a mortgage on personal property. You can get a loan, but it’s a chattel or personal property loan.The loan terms are not real great.
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I think to properly perfect the lien you should get it on the title. If a title is not surrendered, it is still a valid document.
assessors can tax it anyway they want but there is still a legal document that has not been extinguished, a title.

Agree, most loans are not as favorable for a singlewide, with a title still in existence, as a real property loan.
 
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