Posted by Ronald * Starr on April 28, 2001 at 20:45:28:
Scott------
Sounds Good.
Playing off of that how about “Relinquishment of Wobbly Box to …?” Or “R/ of P/ to end responsibility for …”
I have fun generating new ideas. Thanks for the chance to do it with you.
Good Investing*Ron Starr may all your profits be big ones.
HELP! I have to take a home back - Posted by Jacque - WA
Posted by Jacque - WA on April 27, 2001 at 11:26:38:
When agreeing to take a home back, that still has payments due, what would I need to have the buyer sign off on, if anything? I looked through my Lonnie book and didn’t find anything.
This Note is only 4 months old, however, they just found out that her husband has to go to Korea for a year and she wants to move back home instead of staying in the mobile. They have made all their payments on time and even fixed the place up. New appliances, new flooring, completely painted the place inside and out.
I have agreed to simply take back the home as of May 1, 2001 provided they pay May?s lot rent, which they have agreed to do. This is the first time I?ve ever had to take one back ? it?s an odd feeling. So any help would be appreciated.
Thanks,
Jacque
Also watch out for… - Posted by Blane (MI)
Posted by Blane (MI) on April 28, 2001 at 08:02:59:
Hi Jacque,
Watch out for any possible paperwork required by the state. I just had to do the same thing as you, only it’s because my buyer died!!
I had to get an Affidavit of Repossession which details how I go about repoing it (by letter, what the letter says etc.). I have to have it to transfer title back to me. Hope this helps and good luck.
Blane
What a coincidence… - Posted by Ed Oritz
Posted by Ed Oritz on April 27, 2001 at 21:07:32:
Today I talked to one of my “owners” who wanted to sell his mobile home because he was going to Korea for a year and his wife is just going back home with her mom.
I typed up all their information to include the home I.D. number, the location of the mobile home, the date the original note was signed and a little bit of info. saying that I was willing to take the home back and release them from the debt. They in exchange would have to agree to release any right on the mobile home or anything in it and this agreement was effective after they moved out and I conducted an inspection of the place. It looks like this is going to work out for me. But,it wouldn’t hurt for you to look for professional advice.
Good luck,
Ed Ortiz
Re: HELP! I have to take a home back - Posted by Tony Colella
Posted by Tony Colella on April 27, 2001 at 19:27:30:
Hey Jacque,
I just draw up a form and call it “Voluntary Repossession” that basically states they are returning the home to us and that we are waiving the balance owed on the note. I have them sign, date, DOB and Soc # and if possible have a witness sign it.
I have a section that describes the home, much like the purchase agreement so as to be certain later what it was the were returning.
This has worked for me so far.
Tony-VA
Re: Also watch out for… - Posted by Tony Colella
Posted by Tony Colella on April 28, 2001 at 15:32:21:
Although I would argue that this is NOT a repossession in the formal context. This is not done adversly to anyone. It is a mutual agreement by both parties. However, any legal forms possibly provided for should be utilized even though they may be overkill.
I could see a repo due to death being much more involved.
Tony-VA
Re: Also watch out for… - Posted by Jacque - WA
Posted by Jacque - WA on April 28, 2001 at 14:59:25:
Hi Blane,
Good advice, I will check with the DMV on Tuesday (closed on Monday) and see what they say.
Hope yours goes well…
Thanks,
Jacque
Re: What a coincidence… - Posted by Jacque - WA
Posted by Jacque - WA on April 28, 2001 at 15:01:10:
Hi Ed,
I’ve noticed a lot of military folks suddenly having to go to Korea, etc. Must be with all the stuff that has been going on in the news lately.
Thanks for all the help and good luck with yours.
Jacque
Re: HELP! I have to take a home back - Posted by Jacque - WA
Posted by Jacque - WA on April 28, 2001 at 15:01:53:
Thanks Tony.
Jacque
Re: HELP! I have to take a home back - Posted by Allison(AZ)
Posted by Allison(AZ) on April 27, 2001 at 23:13:12:
I have worked for a repossession company for over five years so I may be biased, but. . . . It would seem to me that people would be uncomfortable about the word "repossession. Since you are not actually “taking” the home from them, but are entering into a new contract of sorts, might it not be nicer to title this new agreement by some other name?
Just wondering. . . . .
Allison
I found a release in Ernest Tew’s materials… - Posted by Jacque - WA
Posted by Jacque - WA on April 28, 2001 at 22:27:51:
Looking through the forms disk that Ernest Tew materials provide I found a General Release that I believe states everything I would need it too.
Jacque
Actually… - Posted by Ed Ortiz
Posted by Ed Ortiz on April 28, 2001 at 21:16:24:
with me beign in the service for the last 11 years I see this happen all the time. I’ve had the same thing happen to me with my rentals a couple of times before. Right now I’m selling my M.H.P. because of a transfer which I still don’t know where in the U.S. it will be. I haven’t the “priviledge” of serving in Korea yet. But,there is a great probability that if you are in the service you will end up there one time or another. Hopefully this situation doesn’t discourage you from dealing with people in the military and ends up beign a possitive experience.
Best of luck,
Ed Ortiz
Re: HELP! Titles for the document - Posted by Ronald * Starr
Posted by Ronald * Starr on April 28, 2001 at 02:46:40:
Allison (AZ)–
I like your thinking. Let’s see . . .
Contract releasing liability for mobile home
Mobile home release agreement
Mutual release of obligations
Freedom from mobile home Financing Obligation
The No obligation mobile home release agreement
Acceptance of Mobile Home Title and Release from Purchase Obligation
Acceptance of Mobile Home Title and Release from Financial Obligation
Financial Obligation Release
Financial Obligation Release Agreement
Mobile home loan release and property turn-over agreement
Termination of Mobile Home Purchase Agreement
Release from Mobile Home Purchase Agreement
Loan Release
Loan Obligation Release
Loan Release and Acceptance of Mobile Home
Loan Release and Acceptance of Wobbly Box
Removal of Obligation to Pay for Mobile Home.
Termination of Obligation to Pay for Mobile Home.
Well, I’m getting too tired to think of a good title, but there are some suggestions. Take a little from one, a little from another, and voila!, your own title. Or use these to stimulate you into a truly great title.
Good Investing & Good Document Titling*****Ron Starr****
Re: HELP! Titles for the document - Posted by Scott
Posted by Scott on April 28, 2001 at 18:48:00:
I just that that same thing yesterday, I called it a Relinquishment of Property to Reduce Security Agreement and Promissory Note