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#2262123 - 11/04/21 06:52 PM Other Purpose?
jel99 Offline
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A consumer loan, secured by a mobile home, is paying off a loan that is secured by the land the mobile home is located on. In the paid off loan, the dwelling was not given any value.

Would this fall under an other purpose, since the paid off loan was technically not dwelling secured?

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#2262124 - 11/04/21 06:53 PM Re: Other Purpose? jel99
Skittles Online
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Was their a lien on the mobile home in the loan being paid off? Just because the dwelling wasn't given any value doesn't mean it didn't secure the loan.
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#2262135 - 11/04/21 08:10 PM Re: Other Purpose? jel99
jel99 Offline
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No lien was on the mobile home in the loan being paid off.

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#2262136 - 11/04/21 08:12 PM Re: Other Purpose? jel99
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Then I agree it would be 'other' purpose as none of the other purposes fit.
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