mobile home finance companys

[rmurray]

I think his question is what to do when home book value(the most the insurance company will insure) is 44K and the loan is 85K (the amount of coverage the bank will insist on)..What has your solution been for this dilemma?

[Sylvia]

How and why would a lender lend 85k on a 44k home? Perhaps refinance the lot and home separately? Although licensed to sell home insurance I only sell auto. There may be a specialty company that would do a gap policy but that is a heck of a gap.

[rmurray]

Actually all lenders require at least their loan amount as the insured amount...I have argued unsuccessfully about this with my personal mortgage lenders...Thjeir argument is that if the collateral is destroyed they want to recoup their money..