The Manufactured Housing Forums

Question?I own 40 acres,well its really in my mothers name,but have been making the payments on it for about 4 years now.My wife and I have a deal working on a new double wide we are wanting to put on the land.The financial officer says we need to see if we can get 5 or 10 acres deeded into my name ,showing I own it free and clear.That way I have instant equity in it.Still owe around 17000 0n the land.the land should appraise for at least 600 an acre.will a bank deed property over ,if the remaining property appraises for enough to carry the balance of the note?Im not real knowledgable of matters like this,so if anyone can answer this it would be of great help.
Thanks
Jim

Seldom would a bank release a portion of its collateral with out some substantial consideration from you...such as an equity reduction of about $5000 for the release of 5 acres...

That said...go talk to your land lender and tell him what you are doing...who knows...maybe he will offer to finance your new home..worse he can say is no way..

Of course...he would only release the land to your mom...then she could do anything she wants with it...including giving it to you..

There are mortgage lenders who will refinance the whole 40 acres....Good luck