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#990048 - 07/08/08 07:19 PM Flood and Mobile Home Park
Ray_ Offline
Platinum Poster
Joined: Aug 2006
Posts: 879
Dallas, TX
If we take a mobile home park (real estate) as collateral, do we have to do certification on each mobile home?

I'm thinking no. The mobile homes could be subject to liens themselves.

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#990123 - 07/08/08 07:51 PM Re: Flood and Mobile Home Park Ray_
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,460
Bloomington, IN
If you are not taking a security interest in the mobile homes then you do not need to do a flood determination. However if there are other qualifying structures that you will have a security interest in then you will need to do the determinations.

I would assume the mobile home park is one parcel of land, therefore you would do the determination based on the one parcel.
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The opinions expressed are mine and they are not to be taken as legal advice.

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