New situation for me...

Bank is doing a refi of a loan, paying off a boat and its 'boat slip'. We will have a first lien on a real estate mortgage (the boat slip) and the boat title. There are living facilities on the boat (beds/toilet) but no one will be living on it, other than for an occasional weekend here and there. We are in Minnesota, and I've seen the boat, and no one will be living there...trust me .

The legal description of the boat slip described it as a condominium, and it is part of an association.

Where do I even begin as far as what regs cover this? HMDA? HMPL? Is there a right of recission?

I've been out a few days, and this started without me, so any help would be much appreciated...thanks so much!

If not the primary residence, HPML and ROR won't apply. HMDA specifically excludes boats as dwellings.

Thanks for the quick response...do you think a GFE would apply? Our software system isn't prompting one...

The legal description as a condo would trouble me. I have no experience with condo loans or boat loans, but if it truly is legally a condo, RESPA might apply. RESPA mentions condos as being covered. Let someone who has dealt with the RESPA implications of this scenario chime in.

Of course checking out the building would be wise if at all possible to make sure you don't have a residential condo with a slip (doesn't sound like it). However, a condo-type boat slip doesn't denote a residential condo, just the form of legal ownership of the slip.

Could you provide a citation for this claim?? A boat used as a recreational vehicle, maybe. A house boat loan, I wouldn't be so fast to judge. I have seen some pretty fancy house boats and while they are called house boats, they don't really ever move.

The GIR says "Recreational vehicles such as boats or campers are not dwellings for purposes of HMDA." I don't see any disclaimer for houseboats. I see the logic in what you're saying, but that line with no disclaimer (unless i'm not seeing it somewhere) seems defendable to me.

Fun Reading

What Randy is referring to as "house boats" IMO should be referred to as "floating homes" but they're not and I think you'll enjoy reading the above thread.

Interesting.

I noticed the links in the thread were so old they didn't work or took you to something entirely different.

Here's a current link for some "house boats" for sale in the Seattle area.

http://www.seattlebydesign.com/seattle_houseboats/seattle_houseboats_mls.htm

I think the link worked for me.....discussion by you, Randy and hmdagal amongst others, right?

Oh.......the links in that thread...gotcha.

We have an appraisal, and know that the boat is definitely more recreational, not a house boat, and not fancy, although kept up really well.

Thanks for the discussion...off to read the above posted link

So even though it is not being used as a houseboat at this time, theoretically it COULD be...any additional thoughts on the RESPA implications?