---

how does the one dollar and a deed work?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
martha35771 Joined: 14 Mar 2010 Posts: 1 1.00 Dollars($)	Posted: Sun Mar 14, 2010 4:32 pm    Post subject: how does the one dollar and a deed work? Like 0 Dislike 0 i am in process of purchasing a mobile home and do not have the money for down payment but was going to do the one dollar and a deed in compensation of the down payment, how does that work, does the apprasial price of my land come off the price of the mobile home? Please help me understand this procedure
jameshogg Joined: 20 Dec 2005 Posts: 10467 Location: Nevada 988.72 Dollars($)	Posted: Sun Mar 14, 2010 9:17 pm    Post subject: Like 0 Dislike 0 Hi martha, If you do not have the down payment, then it would be difficult for you to get a loan. However, you can ask your friends or relatives to gift you the money so that you can pay off the down payment and get a loan in your name. If you transfer the property to someone else, then the lender will not allow you to take a loan in your name. The person who owns the property will have to take the loan in his name. Thanks
tonya2237 Guest	Posted: Tue Jun 22, 2010 10:09 am    Post subject: dollar & deed Like 0 Dislike 0 this means you lose your land if you dont pay off the mobel home right?
jameshogg Joined: 20 Dec 2005 Posts: 10467 Location: Nevada 988.72 Dollars($)	Posted: Tue Jun 22, 2010 10:12 pm    Post subject: Like 0 Dislike 0 Hi tonya, If you had taken a land loan in order to buy your mobile home and cannot pay off the dues, then the lender would foreclose the land in order to recover his payments. Thanks
DGLENN Guest	Posted: Mon Jul 12, 2010 6:27 am    Post subject: DOWN PAYMENT Like 0 Dislike 0 I RECENTLY PURCHASED A MOBILE HOME AND DISCOVERED THAT THE HOME NEEDS REPAIRS. CAN I USE THIS HOME AND A DEED ON LAND AS A DOWN PAYMENT ON A NEW MOBILE HOME?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Jul 13, 2010 12:47 am    Post subject: Like 0 Dislike 0 Hi DGLENN! Welcome to forums! You cannot use a home or a land as down payment on your new mobile home. The lender will want to pay 20% down payment cash at the time of the closing of the loan. Sussane

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0