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#956682 - 05/09/08 02:57 PM High Risk Loans and Mobile Homes
taknleavofmysenses Offline
100 Club
Joined: Nov 2005
Posts: 183
USA
Does anyone know if mobile home (refinances) are covered under the Illinois High Risk Loan Act. They are covered under HOEPA.

Thanks.

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#962324 - 05/20/08 09:09 PM Re: High Risk Loans and Mobile Homes taknleavofmysenses
Tesla Offline
Power Poster
Joined: Nov 2003
Posts: 3,669
I know it has been a long time since you posted this, but I would have to say "yes" if the mobile home is their primary residence. The Act covers all home equity loans and "Home equity loan" means any loan secured by the borrower's primary residence where the proceeds are not used as purchase money for the residence.

I read quickly through the Act and did not see any exemptions for mobile homes. I suppose if you consider the intent is to protect a person from losing their home by entering into a loan they may not be able to repay - I would think anything they consider their primary residence would be covered - but that is just my opinion.
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