- Articles 68
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Dustin M.
Someone came in my experience recently seeking to borrow $500 and then he has a free of charge and online personal loans md clear mobile house. He was told by me i would allow him borrow the funds if i possibly could place a lien on their mobile house.
Anybody understand precisely how exactly to repeat this. In addition, this provided me with an excellent company concept.
Title loans on mobile houses (you see all of them the time for automobiles have you thought to mobile homes).
- Articles 257
- Votes 58
Mike Matthews
Yes, Dustin will it be a good notion, i actually do it myself very often. Everytime a property is paid if they want on the mobile home off I make sure the new owners know I can give them a loan. In this manner I suck them back.
In Texas whenever you file the Title or S.O.L Statement of ownership and location, there was an accepted spot to put yourself since the lien holder. Therefore always check you local states mobile phone Residence Title types.
You can see where you files for the lien if you look at section 8 on this form.
Good work you will be thinking like an expert.
- Articles 171
- Votes 46
Bill W.
Dustin, i recommend talking to a lawyer to find out if that is appropriate in a state. I’d an idea that is similar 12 months and talked about it with a RE lawyer in Texas. While he don’t state that it will be expressly forbidden, he did have issues about its legality in Texas. I finished up moving in a direction that is different failed to pursue the matter.
- Posts 1.9K
- Votes 574
Dale Osborn
Browse the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. This type is described by it of investing. No home loan business will loan against an used mobile house. The only path that numerous can perform the US desire house ownership is through having an investor like your self offered to make it work by loaning them the amount of money required and securing a lien up against the mobile house.
- Articles 2.9K
- Votes 1.1K
Rachel H.
I would caution relating to this, Dustin. You may have to consult legal counsel on this 1.
Regarding putting liens on houses, we’m pretty certain the lien might have to be regarding the house (in other words. promissory note to house, mechanics liens, etc). In certain areas, there are many actually strict guidelines for creditors in terms of homestead law. Hope that can help!
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Jamie Antley
We have a 1994 home that is mobile ended up being looking to get that loan against name is the fact that possible?
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Mike G.
Browse the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
It defines this sort of investing. No home loan business will loan against an utilized home that is mobile. The only path that lots of can perform the US imagine house ownership is through having an investor it happen by loaning them the money needed and securing a lien against the mobile home like yourself available to make.
Great guide because of the way, Ive read all Lonnie Scruggs publications. unfortuitously things that Lonnie did right right back inside the time had been great cash manufacturers but have already been all but made obsolete in this beneath the microscope predatory lending world that individuals are now living in. We attempted to complete exactly just just what Lonnie did about 6 years back and had been offered a cease and desist letter through the continuing state and county. It sucks because Lonnie had been a pioneer along with his taking straight back notes on mobile domiciles being a Lonnie dealer inside other peoples areas.
- Articles 445
- Votes 163
Leslie The.
I might want to try this. But do not have notion of the legality. No coping with the home that is actual!
I’ve bought current MH loans within the past. Additionally wonderful, but harder now following the SECURE work.
Just noticed we are replying to an 8 old Post year. Lol