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#1939820 - 07/11/14 03:38 PM Mobile Home or 1-4 Family?
Glo Offline
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Joined: Jul 2005
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Arkansas
We are working on a loan that consists of a home that appears to be a brick home and the appraisal says it's a 1-4 family, but the insurance information shows that it is a mobile home. I found a memo stating that the home had to be remodeled because of a fire. The loan officer said that he thinks the reason the insurance papers still consider it a mobile home is because the interior structure of the home is still a mobile home. So, in saying all of this, would we code this as a mobile home according to what the insurance papers say or a 1-4 family according to what the appraisal says?

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#1939824 - 07/11/14 03:42 PM Re: Mobile Home or 1-4 Family? Glo
RR Becca Offline
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RR Becca
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out of the frying pan...
We've had a couple of those, Glo, and I called them MHs. I work on the theory that a MH can never not be a MH, no matter what they do to it.
Last edited by RR Becca; 07/11/14 03:43 PM.
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#1939825 - 07/11/14 03:44 PM Re: Mobile Home or 1-4 Family? Glo
raitchjay Offline
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OK
FWIW, i agree with Becca.
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#1939826 - 07/11/14 03:44 PM Re: Mobile Home or 1-4 Family? Glo
Glo Offline
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Joined: Jul 2005
Posts: 394
Arkansas
Okay, that makes sense. Thanks for your immediate help RR Becca! Have a good weekend!

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#1940115 - 07/11/14 08:00 PM Re: Mobile Home or 1-4 Family? RR Becca
Frank Ernest Offline
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Not even if the title was surrendered and the dwelling is now legally listed as an improvement to the real estate?

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#1940128 - 07/11/14 08:10 PM Re: Mobile Home or 1-4 Family? Glo
raitchjay Offline
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OK
That wouldn't sway my opinion, no. Having a surrendered title doesn't mean that the manufactured home is any less 'manufactured' now. Just my opinion.
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#1940172 - 07/11/14 08:33 PM Re: Mobile Home or 1-4 Family? Glo
RR Becca Offline
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RR Becca
Joined: Sep 2004
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out of the frying pan...
I agree with raitch. Surrendering the title is a tax thing. Is doesn't have anything to do with the MH magically becoming a frame house.
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#1940254 - 07/11/14 10:34 PM Re: Mobile Home or 1-4 Family? Glo
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
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Agreed. The structure is still an MH, not stick built.
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