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#1083501 - 11/18/08 06:31 PM Flood Determination Required???
Bagweaver Offline
Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
If you make a loan secured by land that only has a mobile home located on the property, and you are NOT taking the mobile home as collateral, do you have to have a flood determination?
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Semiretired. Working parttime at Historic Westville as a tour guide.

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Lending Compliance
#1083548 - 11/18/08 07:03 PM Re: Flood Determination Required??? Bagweaver
swiggles Offline
Power Poster
swiggles
Joined: Aug 2001
Posts: 7,333
Nope. The loan is not secured by a building. You might check your state law issues concerning attached (or unattached) manufactured housing. In my state, if it's attached and the title surrendered, it's considered real property and it would be impossible to take a lien only on the land.
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The more you sweat in training, the less you bleed in battle.......

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#1083813 - 11/19/08 12:59 AM Re: Flood Determination Required??? swiggles
Tigg Offline
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Tigg
Joined: Jan 2008
Posts: 6,389
Looking for My Happy Place....
^^^What she said, and the same applies in my state (LA) with immobilization.

Definitely check you state laws.
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What would you do if you knew you could not fail? ~ Dr. R Schuller

My opinion only.

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