Will this financing tactic work? - Posted by kfnewyork

import · September 30, 2003, 5:06am

Posted by Ryan on September 30, 2003 at 08:19:23:

Just something to check into. Mobile homes often have a title like a car not a deed. If the mobile home has been placed on a permenant foundation and is not movable then it chan be changed and hold a deed. If the property has a deed then your approach will work. I would get some comparisons in the neighborhood to make sure you have a good deal and the property you are getting is really at 60LTV.

import · September 30, 2003, 5:06am

Posted by kfnewyork on September 30, 2003 at 05:06:34:

I had a BK and a foreclosure due to job loss 2 years ago. Want to buy new mobile home with land from father-in-law for about 60% LTV. Lender’s tactic: have father-in-law deed me the property and house and then refinance the whole thing to get the loan out from under father-in-law. Is this legal, is it good for me? Any downside?

Thanks in advance for advice.

kf