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A person came if you personal loans maine ask me recently seeking to borrow $500 and then he has a totally free and clear mobile house. We told him I would allow him borrow the funds if i really could place a lien on their mobile home.
Anybody understand precisely how exactly to repeat this. In addition, this provided me with a great company concept.
Title loans on mobile homes (you see all of them the time for vehicles why don’t you mobile houses).
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Yes, Dustin could it be a good notion, i actually do it myself frequently. Each time a house is compensated off we make certain the newest owners understand I am able to provide them with a loan if they want regarding the mobile house. Because of this I suck them back in.
In Texas whenever you file the Title or S.O.L Statement of ownership and location, there was spot to put your self since the lien owner. Therefore check always you neighborhood states mobile phone Home Title types.
In the event that you glance at area 8 about this type, you can view where you files for the lien.
Good work you will be thinking like an expert.
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Dustin, i recommend seeing a legal professional to find out if this is certainly appropriate in a state. I had an idea that is similar year and talked about it having a RE lawyer in Texas. While he did not say it could be expressly forbidden, he did have issues about its legality in Texas. I ended up moving in a direction that is different would not pursue the matter.
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Browse the publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. It defines this sort of investing. No home loan business will loan against an utilized home that is mobile. The only path that lots of can perform the US desire home ownership is through having an investor it happen by loaning them the money needed and securing a lien against the mobile home like yourself available to make.
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We’d caution about it, Dustin. You may need certainly to consult a lawyer with that one.
Regarding placing liens on domiciles, we’m pretty certain the lien may need to be linked to your home (i.e. promissory note to home, mechanics liens, etc). In a few areas, there are several actually strict guidelines for creditors in terms of homestead law. Hope that can help!
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We have a 1994 mobile house I had been looking to get that loan against title is feasible?
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Browse the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
This type is described by it of investing. No home loan business will loan against an utilized mobile house. The only path that numerous can perform the US imagine house ownership is through having an investor like your self open to make it work by loaning them the funds required and securing a lien resistant to the mobile house.
Great guide because of the way, Ive read all Lonnie Scruggs books. Unfortuitously the things that Lonnie did right straight back inside the time had been money that is great but were all but made obsolete in this underneath the microscope predatory lending world that people inhabit. I attempted to complete exactly what Lonnie did about 6 years back and had been served a cease and desist letter from the continuing state and county. It sucks because Lonnie had been a pioneer together with his taking notes that are back mobile houses being a Lonnie dealer inside other individuals areas.
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I might want to repeat this. But haven’t any basic notion of the legality. No coping with the real home!
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 yr old Post. Lol