Posted by John Merchant on September 12, 2006 at 12:48:05:
Appreciate your input here, as it’s been some time since I dealt with Sec.8 and really not up on it.
Title ? - Posted by Lynn
Posted by Lynn on September 07, 2006 at 22:17:02:
Somewhat new to the business. Have bought a mobile home for $200.00 and am selling it. Financing 12,000 for $250 a month for 48 months. Buyer says that Section 8 will fix it up for her if the Title is in her name. I know I can just put a lien on it for the amount owed but how do I actually do that? Do I have to have an attorney do it or can’t I just have it done when I do a transfer on the Title. Not sure about how that leaves me. I mean if she has the Title, couldn’t she just conveniently lose it and then we have nothing to show my lien. I mean I am signing a note with her but still seems like I need more documentation. Help!
Thanks
Re: Title ? - Posted by John Merchant
Posted by John Merchant on September 08, 2006 at 10:45:58:
Section 8, so far as I know, is a Federal program where the TENANT, not the buyer, qualifies for rent subsidy…so if your BUYER, thinks she’s going to get Section 8 aid, or you think that, I’d say this isn’t going to happen.
Section 8 is for renters only, not buyers, and HUD office sends their part of the rent directly to the LANDLORD, not to the tenant or to a Seller who’s holding a note.
You keep the title - Posted by John Merchant
Posted by John Merchant on September 08, 2006 at 05:35:49:
Sounded good to me until I noticed that you are signing B’s note. And thinking of giving B title!
Don’t do that!
While I like your numbers, buying for $200 and selling for $12,000 (really? Wow!)I’d like them better if you weren’t having to be personally liable on her note.
I’d suggest if you’re not putting up your own cash, you consider using my system of finding that investor who wants good high yielding note and having him/her give the S the $12,0000 but taking B’s note for $15,000 or so…and having B give you a cash fee at closing for putting this whole deal together for her.
And treat this just like a car loan…you keep the title until you’re paid, and give the B the registration only until it’s paid.
Re: Title ? - Posted by seldon
Posted by seldon on September 08, 2006 at 05:27:29:
I rent through section 8 in WV and they will not allow a tenant to have a MH titled in thier name and recieve benifits.something smells funny.
Re: Title ? - Posted by Mike/nc
Posted by Mike/nc on September 08, 2006 at 05:08:44:
Just go down to the DMV with you’r buyer and tell them that you are selling this house and to put you as first lien holder on the title and that you want the title mailed back to you. Which they will probably do anyway. At least thats how it works in NC.
Not true… - Posted by Mike-Tx
Posted by Mike-Tx on September 12, 2006 at 10:01:14:
Traditionally you would have been right. But we the people HAVE started to buy po’ folks homes. You know it’s that whole redistribution of wealth thing.
Re: You keep the title - Posted by Anne_ND
Posted by Anne_ND on September 08, 2006 at 09:28:51:
I think Lynn means that the buyer is signing a note to HER (Lynn), not that Lynn is obligated on the note.
Anne
Re: Title ? - Posted by Daphne Lowe
Posted by Daphne Lowe on September 08, 2006 at 15:01:45:
HUD does allow people with Section 8 housing vouchers to apply their payments towards buying a home. Section 8 payments can even be applied to chattel loans (how exciting is that!). The caveat to remember is, although nationally chartered, the Section 8 program is managed at the local level. The various housing agencies (some like Chicago, are even private corporations) have a TREMENDOUS amount of discretion in administering the program. Participation in this homeownership aspect is optional, and the requirements vary according to the local agency. This is yet another example of where you have to do your own research for your specific area.
Daphne