2020年11月25日

Title loans on mobile domiciles. Any see any potential issues with beginning a mobile house name financial institution?

Posts 68
Votes 10

Dustin M.

A person came if you ask me recently seeking to borrow $500 in which he has a free of charge and clear mobile house. We told him I would allow him borrow the cash if i really could put a lien on their mobile house.

Anybody know precisely just how to repeat this. In addition, this provided me with a great company concept.

Title loans on mobile houses (you see all of them the time for vehicles you will want to mobile domiciles).

Articles 257
Votes 58

Mike Matthews

Yes, Dustin could it be a good clear idea, i really do it myself frequently. Each time a property is compensated if they want on the mobile home off I make sure the new owners know I can give them a loan. That way I suck them back.

In Texas once you file the Title or S.O.L Statement of ownership and location, there was destination to put your self since the lien owner. Therefore check always you states that are local Residence Title types.

If you have a look at part 8 about this type, you can view where you files for the lien.

Good work you’re thinking like an expert.

Articles 171
Votes 46

Bill W.

Dustin, i suggest talking to legal counsel to ascertain if it is appropriate in a state. I’d an idea that is similar 12 months and talked about it having a RE lawyer in Texas. As he did not state so it will be expressly forbidden, he did have issues about its legality in Texas. I finished up planning a direction that is different would not pursue the problem.

Articles 1.9K
Votes 574

Dale Osborn

Browse the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. It defines this kind of investing. No home loan business will loan against an used home that is mobile. The only path that lots of can perform the US desire house ownership is through having an investor like your self offered to make it work well by loaning them the funds needed and securing a lien contrary to the mobile house.

Articles 2.9K
Votes 1.1K

Rachel H.

I would caution about any of it, Dustin. You might need certainly to consult a lawyer with that one.

Regarding liens that are placing domiciles, we’m pretty certain the lien might have to be linked to your home (i.e. promissory note to house, mechanics liens, etc). In a few areas, there are several actually strict guidelines for creditors in terms of law that is homestead. Hope that can help!

Articles 2
Votes 0

Jamie Antley

We possess a 1994 home that is mobile ended up personal loans maryland being hoping to get that loan against title is feasible?

Articles 593
Votes 279

Mike G.

See the writte publications “Deals on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.

This type is described by it of investing. No home loan business will loan against an utilized home that is mobile. The only path that numerous can perform the US desire house ownership is through having an investor like your self accessible to make it work well by loaning them the amount of money required and securing a lien up against the mobile house.

Great book by the method, Ive read all Lonnie Scruggs publications. unfortuitously things that Lonnie did straight back inside the time had been money that is great but are all but made obsolete in this underneath the microscope predatory lending world that people are now living in. I attempted doing just exactly exactly what Lonnie did about 6 years back and had been served a cease and desist letter through the state and county. It sucks because Lonnie had been a pioneer along with his taking notes that are back mobile domiciles and being a Lonnie dealer inside other individuals areas.

Articles 445
Votes 163

Leslie The.

I would want to do that. But don’t have any basic notion of the legality. No working with the real house!

I’ve bought current MH loans in past times. Additionally wonderful, but harder now following the SECURE work.

Just noticed we are replying to an 8 year old Post. Lol