Land Dilemma

[Barbara]

Ok here's my situation

In Laws bought about 3 acres of land which they still owe on along with their mortgage of the land and manufactured home they live in but is deeded to them

which is the best way to obtain some of the land and place a manufactured home on it also for me and my family

(also to say the main road is at the top half of the property)

gift us a part of the land at the back (is basically a rectangle property line)

add me and spouse to the deed to the property

or sell us the back part out right

thank you for reading my dilemma and hope anyone can help or give info to acquire the help I need

Barbara in TN

[Jim Chesky]

First you need to see if the mortgage company, which holds the loan, will release any of the property, which secures the loan (of your in laws). If they will, then your best bet is to have that land sub-divided and put into your name (no matter if you buy this land or if it is gifted to you), then you can obtain your own mortgage (if you are buying the land, it can also be financed). If this is not possible and the loan company will not release the land, and you can put another manufactured home on this land (check the local zoning). Then your only option will be to get an installment loan to purchase the manufactured home. For this your local dealer will be able to help you out.This type of loan will only hold the title for the mfg. home, this loan will be at a higher interest rate, and you will only be able to borrow for the home itself. Generally no site improvements can be borrowed. And of course, what you are able to do will really also depend on your credit rating.