Posted By: Live 2 Comply
Mobile Home/3rd party land and escrow - 03/20/23 06:28 PM
Ok, I am a little stumped on this situation. Customer is borrowing money on 5 acres and a mobile home. The customer does not own the land but there is another person on the title of the mobile home who does own the land. This mobile home has been renovated considerably and the insurance company actually has a commercial policy on it as a house, 5 acres and an additional 100 acres and our customer is not on the insurance policy. The insurance policy does not separate the properties premium. Obviously, our customer does not want to be paying escrow on land that they have no ownership of. What would be the best way to proceed with this? Thanks.