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trying to buy land where my mobile home is sitting

Posted on: 08th Apr, 2010 11:20 pm
My wife and I got awarded a 2006 Fleetwood in a lawsuit. The home is completely paid for. it books for $37500. We are wanting to buy the land where the home is. The home sits on runners and is set up nicely. it is a doublewide. I am confused as to how to put up the home to buy the land. Do doublewides have titles like cars? My bank says I need to get a title from the state. I have a letter from the state saying the home is free and clear of any liens and a letter from the attorney stating the home is ours, but the land is not. I want to put the house up as collaterall for the loan on the land. One person says I have to have a title [like a car has] on the mobile home to do that. Other people have told me I don't need a title, just the home.Our options are to buy the land quick, or the bank that hold the land can repo our home..not fair to me, the other option is buy the land with house [mobile home] as collaterall [I have no problem doing that- but do I need a title to the house]? The other option is to sell the mobile home,my main question is do I have to apply for a title thru the state on the mobile home to do anything with it? thank ou
Hi hazenguy,

You need to first get the title in your name in order to do anything with the house. It's good that you have the relevant papers stating the home is yours and it is free of any liens. Now, you need to contact the local office of the Department of Motor Vehicles (DMV) along with the proof of your ownership to change the title in your name.

Once you have the title, you will have full ownership to the home. As far as the land is concerned, have you checked who currently holds the title to it? You can check with the DMV and local land records office to get this information. You can then contact the current owner of the land and purchase it from him.

When you buy the lot from its current owner, you can apply for a loan to finance the purchase. I've heard of FHA title I loans which help borrowers finance the purchase of mobile homes as well as the lots. You can also go for other types of loans using the home and the land as collateral. But first of all, you need to get the title in your name because whether you take a loan against the home and the lot or you sell the property, you need to have a clear title.

Thanks,

Jerry
Posted on: 09th Apr, 2010 12:34 am
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