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If land is used as collateral for a mobile home purchase will the land be taken by the lender if the owner can't pay the mortgage?
Wiki User
∙ 12y ago
Yes, unfortunately. The land will be on the deed of the property along with the mobile home, therefore, it will go to the lender.
Wiki User
∙ 12y ago
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Do you have to pay for a mortgage on a mobile home left to you by your parent or can you let the lender take it without taking the land it is on?
You would need to look at the contract. Often a mobile home contract is secured by the land it is placed on. It may be that you cannot default on the mobile home without losing the land.
Used Mobile Home value?
There is a mobile home lender that allows you to get an advanced mobile home book value online.ANS 2 . - THE ABOVE LINK IS A SCAM ! - It is NOT free -you need to have a mortgage with them or pay a "small fee"Any reputable realtor will give you a realistic evaluation free of charge.
Do you pay sales tax on a used mobile home in Pennsylvania?
If you buy a used mobile home from the owner, the lender financing the home with a mortgage or personal property loan normally sees that the sales taxes are paid. However, if you are paying cash for the mobile home instead of financing the purchase, you are responsible for paying sales tax when ownership of the mobile home is transferred to your name. Usually, sales tax is assessed and collected when you register the home with the motor vehicle agency inyour state.
If mobile home is attached to a Alabama property that belongs to someone else and that person default on the mobile home what can the mortgage do?
You used the word "Attached", which means the land and the home are now combined by way of deed. The law considers them as one, thus the mortgage lender can foreclose on both the property and the home.Then the lender will then sell both "as one", use the sale proceeds to pay the outstanding loan balance, then pay anything left over back to the original person who had the mortgage.For more information, go to:http://www.chattelmortgage.net
What companies offer mobile home mortgage?
Most of the popular banks in Canada offer mobile home mortgage. The most popular company offering this is TD Canada Trust Bank. They have many mobile mortgage specialists that will travel to your home to give you the information that you require.
When is bank responsible for paying back rent to mobile home park on a repossessed home?
Typically, they are not responsible for back rent. The mortgage contract the tenant has with with the lender is between the tenant and them. The rental contract you have with the tenant is between the tenant and you, and the lender does not enter into this picture. These are two separate transactions.Insofar as any unpaid back lot rent owed by the former tenants before the foreclosure - the lender is not responsible for these and you would have to file a personal lien against the former tenants. However, you MAY have some leverage to hold the mobile home for the payment of "storage fees" incurred since the date the lender foreclosed before you allow the home to leave the park.
Are loans on mobile homes recourse or non recourse Purchase mobile home in California through mobile home mortgage company?
Is that one question or two. -Really doesn't make any sense after the second 'recourse' . Please re-write it in a simpler fashion so we understand exactly what you are asking.
If a mobile home is not attached to Texas real property and I default on the mobile home what can the mortgage holder do?
Take the mobile home back and sell it.
If you purchase a house and stop paying the mortgage on your mobile home what happens?
The acceleration clause may trigger immediate payment of the entire loan (or a higher interest), plus penalties, or a notice and cure (grace) period; failing to pay quickly, the mortgage will be foreclosed, meaning that the mobile home and the land it sits on will be seized and may be sold at auction; after which you may still owe any amount of the loan that was not covered by the sale at auction. Your house (and all of your other possessions and potential income) could then have a lien or attachment placed on it for new security on the repayment as the lender sues you for the payment of the original loan and penalties from not keeping up the agreed payments.
What lenders will give a mortgage on a mobile home?
Many will. -Easiest way to find out is by a LOCAL realtor who deals in Mobile Homes.
If a mobile home is not attached to Arizona real property and you default on the mobile home what can the mortgage holder do?
In short. repossess and pull the home off the property..However, you have not made it clear who owns the land. If a third party owns the land, most if not all lenders will ask to the land owner if they are interested in leasing the land to a new owner, in which case the lender saves thousands.
Where can one purchase QuietRock products in Mobile Alabama?
There are many places where one can purchase QuietRock products in Mobile, AL. One can purchase QuietRock products in Mobile, AL at Builders Supply Limited.
