Mobile Home Sale - Posted by Patty

Posted by Tony-VA/NC on July 16, 2003 at 03:24:54:

I am not an attorney but have delt with similar issues in regards to mobile homes.

When Jeff assumed Mike’s loan, Mike was not released from the loan and is still liable on the loan (one reason it is unwise to let anyone assume your loan without the lender releasing you).

As far as the selling of the home, the title is what will dictate who has standing as far as transfering ownership. If your state uses the Division of Motor Vehicles (or similar agency), they may well have their own Power Of Attorney Form. If Mike’s name is on the title, Mike would sign this, giving you power of attorney (some states require this to be notarized).

Jeff will have to pay off the loan in order to get the Lender to release the title, allowing you to sign for Mike and transfer ownership to the new buyer.


Mobile Home Sale - Posted by Patty

Posted by Patty on July 14, 2003 at 09:06:41:

My older boy, Mike, sold his mobile home to his brother, Jeff. Now Jeff is selling the mobile home to an outside party. When I called the finance company only Jeff’s name is on the loan but when I questioned things further, I found out that if Jeff does not pay the loan Michael has to. They are calling it an assumed mortgage. Since this is not a regular house and the mobile home is in a trailer court, will we have a problem at closing without Michaels signature. I called the finance company this morning and they are faxing me the deed or title but this will take 48 hours and the closing it coming up rapidly. Michael is in South Carolina now and not present to sign anything. If necessary, I guess he could send me his power of attorney. I don’t know if I’m hitting the panic button for nothing or not. Please answer a.s.a.p. as again, this is of the essence. Thank yoy.