closing problems on land/home

[Jessc]

We bought a repo home from Nationwide Mfg Housing in November.We were told by the retailer that the house had to be in my husband's name only and had to be land/home package in order to get financed. No problem there. The land we had was in my maiden name and they told us they would just transfer it to his name at closing. Well, the closing was done wrong and the land is still in my name with no liens showing against it at the county tax appraisal district and the title has been cancelled to the mobile home. The loan is just in my husband's name. We have contacted the mortgage company repeatedly to try to get this fixed because he is a disabled vet and and because of the mixup he can't use his tax exemption. There also numerous problems with the home including habitability issues found by the state during an inspection we requested. Any advice?

[rmurray]

The tax issue is important....The error here is not with the mortgage company..it is with the attorney or title company that handled the transaction...The mortgage company should be very concerned because their collateral could well be at risk....The attorney would be liable for any costs incurred because of the error...They have error and omission insurance to cover these situations...

It could also be a court house problem....If you contact the attorney he/she can explain and/or correct the problem..

There are many ways paper work is done...Did you sign anything at closing...It might have been a subordination form in which you subordinated your rights to the land to the lender..This is common when there are 2 folks on the land and only 1 one the note..You say there is no lien...but did you actually do a title search to find out?


The condition of the home is a different issue...used homes are usually sold as is..at a large discount from the new home price..that means you will have to take care of all issues...maintenence should be considered as a monthly expense...it is never ending in any home..manufactured, stick built or modular....Some home owners put $100 to $150 a month into a maintenance fund every month...most problems are very inexpensive to repair..but someday roofs, a/c's, appliances, carpet, floor coverings will wear out and need to be replaced and these cost thousands..

[Monica]

Never, ever, ever get a loan in just your husbands name. I can't believe you even fell for that! Do you realize you will have no legal claim to that property? You gave, for free, your property to a man you have a 50/50 percent chance of divorcing in the next 10 years. Then you will have NOTHING!

[rmurray]

Actually there are many strategies to solve that problem...It is possible for a loan to be only in 1 name and the land in both names...The party not on the loan does have to subordinate their rights to the lender..meaning if the loan is not paid..lender gets the property...

A few lender will not allow this solution..then you "give" the property to the hubby...He gets loan and then quit claims back to you..

We see this often in cases where parents are giving land for collateral and do not want to risk divorce or sale of the property as well..

[Tonya]

who did you get financed through?

[Joe Gonzalez]

First contact the title company and see how they plan to resolve this issue - if no help there, then contact the bureau of financing and insurance in your state. Email me back if you have other questions - [email protected]