Buying foreclosed home/land

[J. Jay]

Hi there:

My husband and I are in the process of purchasing 5 acres of land with a 1999 doublewide on it that is on pillars with skirting. It is a Freddie Mac foreclosure.

As part of the "contract" process we signed a piece of paper (had to sign it or the contract would not have gone through) that basically says that they don't have title to the trailer and do not warrant that there is a title.. Basically a buyer beware letter.

We have asked our lender to do a title search on the land and a separate title search on the trailer (using HUD no and manufacturer's serial number) as we want to know where the title to the trailer is and whether or not it is clear.

The home/land was purchased in December of 2003 by Federal Home Loan Mortgage who is selling it off. The commissioner'sdeed on file at the courthouse showed that the current owner the goverment (FHLM) bought it from Mortgage Electronic Registration Systems (nominee for the Lender and Countrywide Home Loans dba as America's Wholesale Lender).

Is this a common occurence with foreclosures? Should we be worried about it?
If we are unable to obtain the title will we be able to sell the entire property later?

Any comments or suggestions?

Closing might be within 2 weeks and we don't want to buy it if we cannot sell it later on.

Thank you for your help
JJ and Kim

[J. Jay]

Forgot to say.. We are in KY.... I saw this post:

http://mfdhousing.com/discus/read.php?f ... 23&t=10669

and we have that sheet (MSO) pasted in the closet with the manufacturer's serial number and hud numbers for each of the halves of the home.

Unfortunately, this is an Oakwood so don't know where to go to try to get a duplicate title if necessary.

Any ideas?

Thanks
JJ and Kim

[frank toms]

we are buying a mobile home and i would like to find more information on it.
is there anyway you could help me? the make is a mansion 1999 serial m031828a
i would like all the information on this moble home that i could possible get.

[rmurray]

A duplicate title can be had from your local title agency...but..only if there was an original filed in the first place...You might try to track down the local attorney that handled the first closing and ask if they have the title records..or the mso (manufacturers certificate of origin)...(the paper pasted on the wall is your HUD data plate...not the mso)..

All that said...ask your closing attorney about this form and your rights...When you sign the mortgage papers there will be many similar forms that lenders require you sign to let them off the hook for almost any problem that could remotely pop up...Most often nothing happens..

[J. Jay]

Thaks Murray:

The seller (Freddie Mac) is applying for a new title.. weird but true.

Will let you know what happens in the end.
JJ and Kim