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#1799551 - 03/29/13 01:37 PM Mobile Home
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
We have a borrower who wants to purchase some land. There is a mobile home on the land. We are not going to take the mobile home as collaterl. Does RESPA apply?

I know ROR will apply because of a "fixture provision" in our mortgages but just not sure about RESPA.

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Lending Compliance
#1799560 - 03/29/13 01:49 PM Re: Mobile Home ahkcompliance
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Are you taking a lien on the borrower's primary residence? RESPA does not apply to land only loans.
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#1799565 - 03/29/13 01:52 PM Re: Mobile Home ahkcompliance
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
No, we are not going to take a lien on the primary residence. We are just taking the land. I just wasn't sure since there was a mobile home on the land.

You can forget the fixture provision I referred to earlier. I was confused with another transaction smile

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#1799568 - 03/29/13 01:59 PM Re: Mobile Home ahkcompliance
RR Joker Offline
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RR Joker
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Posts: 20,654
The Swamp
Is the mobilehome titled, or has the title been retired? If the latter, you have lien on it unless you expressly exclude it.
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#1799571 - 03/29/13 02:01 PM Re: Mobile Home ahkcompliance
ahkcompliance Offline
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Joined: Sep 2008
Posts: 2,470
Midwest
Yes the mobile home does have a title. Also no foundation.
Last edited by ahkcompliance; 03/29/13 02:06 PM.
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#1799577 - 03/29/13 02:09 PM Re: Mobile Home ahkcompliance
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Foundation is irrelevant, but the title is key..you have a simple land loan.


ETA: It likely does have a foundation...one made out of piers and anchored.
Last edited by RR Joker; 03/29/13 02:10 PM.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1799582 - 03/29/13 02:12 PM Re: Mobile Home ahkcompliance
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
Thanks so much for all your help! We haven't dealt with a MH for awhile now so I was a little rusty on the requirments.

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