Posted on: 02nd Oct, 2011 06:09 pm
I hold a lien on a mobile home and 2 acres of land which I financed for a family
member. Through a mutual agreement they want to release the land and
mobile home to me for the amount owed on my loan. I have an interested
party who would like to purchase the mobile home and land. What would
be the best way to go to transferr the property to the interested party with
me still holding the lien and accepting the payments from the new party.
member. Through a mutual agreement they want to release the land and
mobile home to me for the amount owed on my loan. I have an interested
party who would like to purchase the mobile home and land. What would
be the best way to go to transferr the property to the interested party with
me still holding the lien and accepting the payments from the new party.
Hi subyeojoe!
Not unless the mobile home was part of the collateral offered for the loan that is in default or. For example, if the lender gave money to a borrower and secured a lien against land, then you placed the mobile home on the property, the mobile home is your property and was not part of the defaulted loan. You will be required to vacate the land, but should be able to take the mobile home assuming it belongs to you.
Generally, true mobile homes are not real estate, they are personal property.There may be a trustee of record for the foreclosure, if you are unsure about your rights you may contact them or an attorney for information.
(?)
:idea:
Not unless the mobile home was part of the collateral offered for the loan that is in default or. For example, if the lender gave money to a borrower and secured a lien against land, then you placed the mobile home on the property, the mobile home is your property and was not part of the defaulted loan. You will be required to vacate the land, but should be able to take the mobile home assuming it belongs to you.
Generally, true mobile homes are not real estate, they are personal property.There may be a trustee of record for the foreclosure, if you are unsure about your rights you may contact them or an attorney for information.
(?)
:idea:
Hi subyeojoe,
You will have to ask your family member to sign a quitclaim deed and transfer the property to your buyer. It will be better if you and the family member could contact a real estate attorney and take his opinion in this matter. The real estate attorney will be able to better assist you in this matter.
You will have to ask your family member to sign a quitclaim deed and transfer the property to your buyer. It will be better if you and the family member could contact a real estate attorney and take his opinion in this matter. The real estate attorney will be able to better assist you in this matter.
