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Home Equity Loan against ...Dirt?

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Question: 
Is it permissable to make a home equity loan against only the dirt when there is a mobile home sitting on it? The mobile home is their residence, but it is still classified as personal property and not real property.
Answer: 

This would be a matter of state law whether this would be treated as a home equity loan. For example, while not terribly clear, one could make the case that the land might be considered the consumer's homestead in Texas, and be subject to the Texas Home Equity laws, regardless of whether the trailer was attached to the real property.

First published on BankersOnline.com 10/25/10

First published on 10/25/2010

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