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Mobile Home Equity Loan?
Answer by Dan Persfull, BOL Guru
Guru Bios
Question: Can you have a home equity loan on a mobile home on 25 acres, even when you don’t have the title to the mobile home? This is the owner’s homestead and we have a first lien on the property prior to the addition of the mobile home. Our title company says it is acceptable to a do a home equity loan without using the mobile home. We aren’t too comfortable with this and the borrower happens to be our bank president’s son (if that makes a difference). Any help would be appreciated.
Answer: You need to speak with an attorney familiar with your state laws. However, to the best of my knowledge there would be no prohibition from lending against the equity in the land without the mobile home, as long as the it is not considered part of the real property. However, your LTV would have to follow the supervisory limits for improved real estate.
First published on BankersOnline.com 4/14/08
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