Thread Options
#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.

Return to Top
Lending Compliance
#990123 - 07/08/08 07:51 PM Re: Flood and Mobile Home Park Ray_
Dan Persfull Offline
10K Club
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.
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  Andy_Z