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#1009130 - 07/31/08 05:19 PM ROR on Mobile Home
pat robbins Offline
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Joined: Jun 2007
Posts: 87
Oklahoma
We are making a loan on a mobile home (no real property)to three people. The two people who are making the loan and who are getting the benefit of the money are an adult grandson and his wife who live in the mobile home. The third person is the grandmother who owns the mobile home (the title is in her name) but she does not live in the mobile home. (The bank is requiring her on the loan because she owns the collateral). Can someone please tell me who needs to sign a right of recsission if anyone does. Thanks so much.

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#1009145 - 07/31/08 05:26 PM Re: ROR on Mobile Home pat robbins
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,416
Bloomington, IN
No ROR required in this transaction. It's not the owner's primary residence.
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#1009336 - 07/31/08 08:01 PM Re: ROR on Mobile Home pat robbins
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
Originally Posted By: pat robbins
We are making a loan on a mobile home (no real property)


Let's say this a loan for a mobile home without land - in a park where they lease the lot - owner's primary residence....which we do A LOT OF THESE. Is a ROR required?

I hope not because because we've never given one (unles it happened to be a mobile home with land).

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#1009339 - 07/31/08 08:05 PM Re: ROR on Mobile Home Many Hats
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,416
Bloomington, IN
If it is the borrower's primary residence and it is not a RMT then yes ROR applies.

From 226.2

(19) Dwelling means a residential structure that contains 1 to 4 units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence.
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#1009552 - 08/01/08 01:32 AM Re: ROR on Mobile Home Dan Persfull
Andy_Z Offline
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