Posted by Mark Dowd on January 23, 2003 at 22:18:54:
Tony-
I am having difficulty locating the DMV or the UCC forms to check if there is a lien on the MH. I dont believe Texas uses the DMV to register mobile homes and I dont know what direction to look. I would like to purchase the mobile at a deep discount, if possible, so I could sell the land and MH as a packaged deal. If it works out I should be into the deal for 50 cents on the dollar. A pretty good investment but I am still hung up on the moblile. Any suggestions? Thanks alot for your help.
Posted by Mark Dowd on January 17, 2003 at 10:46:27:
I was wondering when you see a posting for foreclosure on a mobile home, are they selling the lot and the mobile home together or just the lot? Also, if you buy the lot are you then responsible for the mobile home? Any help is appreciated.
Posted by Mark Dowd on January 17, 2003 at 15:47:21:
Tony,
I appreciate your response. I see these listed at the courthouse with all the other foreclosure postings. I buy foreclosures all the time so I know they are not a repo. I am just not that familiar with mobile homes. I am assuming then that the land is what is being auctioned off and the mobile home would just be personal property situated on the land. But is there a way to find out if the mobile home is financed? I guess if it is then they would just come and remove the MH after the foreclosure of the land. Does this make sense or am I totally off?
Posted by Tony-VA on January 18, 2003 at 24:00:41:
If you are seeing these listed at the courthouse as foreclosures, then you are probably looking at mobile homes that have been attached and are now considered part of the realty.
This is often a requirement of the Lendor. The title itself is eliminated (retired) and the home becomes affixed to the property (usually the Lender only requires that the tongue of the trailer hitch be removed and the tie downs be set in place).
So chances are that you are looking at a land/home package. Try pulling the file on a couple to see how the Deed reads and anything else you can find. Sometimes you can run the VIN# by DMV to find out if the title has been eliminated.
Even if you inherited the home with the purchase of the land, you may still be onto something. You will either charge the tenant rent, force them to remove the home from the property or buy the home from them (for very litte) and sell it “Lonnie style”.
If you are familiar with foreclosures, you may well be onto something here.
Posted by Mark Dowd on January 22, 2003 at 09:57:45:
Tony-
Thanks again for responding. What specifics do you look for in the deed of trust to tell if the MH is part of the financing when they bought the land? Also, what did you mean by “DMV” and how would you go about running a VIN#? There is no one living in the MH, the owners of record live in Florida and havent paid property taxes in three years. I just dont want to purchase the land and then inherit a MH that has a lien on it because, as I understand it, I would be responsible for paying off that lien.
Posted by Tony-VA on January 22, 2003 at 16:01:10:
Read through the deed of trust (or mortgage) that is filed at the courthouse. The deed will describe the collateral.
Also check the Division of Motor Vehicles (DMV) or whatever your states equivalent is. Mobile Homes are typically registerd like cars.
Some states file UCC forms so you may have to check there if it is not handled at the DMV.
As to you having to pay for the home because you buy the land and the home itself has a lien on it. Not to be providing legal advice but I believe you have it backwards. You have never contracted to pay that lienholder a dime. If you own the land and the mobile home has a lien holder, all the better. You are in the driver’s seat. Notify the lienholder that their home has been abandoned on your land and they need to remove it or you will seek an abandonment title. This varies by state so you will need to look into how to do this. Some research on your part backed by having a local attorney review is highly recommended.
Your first step is to determine if the home remains personal property (unattached to the real estate for legal purposes) and if so, does the home have a a lien on it? (DMV) or the UCC filings can tell you this.
Best Wishes,
Tony-VA
Ps. if the lienholder on the mobile home has somehow filed a priorty lien on the land itself, things will change. Again, research and have an attorney review what you find.