We have an application to purchase a 5th Wheel Camper that the person wants to buy and put on someone else's land and live in it all year round.
My first thought is this would be a mortgage since he is living in it all year round.
What would be the repercussions if he would default on a consumer loan... can we repossess a primary residence?
Confused if anyone can help
Thank you

Really might need some context to this question, but:

58.02 DEFINITIONS.

§Subd. 18.Residential mortgage loan. "Residential mortgage loan" means a loan secured primarily by either: (1) a mortgage on residential real property; or (2) certificates of stock or other evidence of ownership interest in and proprietary lease from corporations, partnerships, or other forms of business organizations formed for the purpose of cooperative ownership of residential real property.