Can anyone point me to GA's definition of "personal property" as it applies to mobile homes? What makes a mobile home in GA "personal property" versus "real property?" Is it as simple as titled vs "retired" title?

GA came out with a program whereby one could have their MH considered part of the land just like a bricks and mortar home. They have to go file the paperwork. I know one of our lenders was getting his MH customers do this - they do pay lower taxes, I think but have fewer protections on their MH when it comes to foreclosure.

So how do we find out if a borrower has done this or not? I'm trying to get our ducks in a row for the "under $50,000 and secured by 1st lien on personal property" portion of the new HOEPA rule.

I found this. perhaps it will help

Becca, I also found the Fannie Mae guidelines for this and they require the attorney to include this in their title opinion/policy since it must be filed with the county.

That helps a lot, Walden. Thanks!

The tax records usually indicate it as well. Only problem is my mind is blank on what they call it on there.


ETA: also, you might want to get out of the habit of calling a mobile home anything but a manufactured home anymore and consider a mobile home an RV.

so "mobile home" now means "motor home," huh?

basically...yes. LOL! Now, if we could just get the regulatory folks to do the same, life would be so much easier.