Other Purpose?

Posted By: jel99

Other Purpose? - 11/04/21 06:52 PM

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?
Posted By: Skittles

Re: Other Purpose? - 11/04/21 06:53 PM

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.
Posted By: jel99

Re: Other Purpose? - 11/04/21 08:10 PM

No lien was on the mobile home in the loan being paid off.
Posted By: Skittles

Re: Other Purpose? - 11/04/21 08:12 PM

Then I agree it would be 'other' purpose as none of the other purposes fit.