Separating Land/Home Packages

[gh1959]

Can someone tell me how I can separate my land/home package, so I can pay off the land and sell the manufactured home? We're planning on building a log home on the property next to the current property, so I'd like to keep the land we have and sell the manufactured home. It's a single wide, very good condition 1996 Fleetwood.
Thanks!

[rmurray]

I assume you no longer have an outstanding balance on a loan on your home..If all liens have been paid, every state would have a different process. I would start with the state agency who issues titles. A knowledgeable person there should be able to get you the procedure and costs..The trick might be finding a knowledgeable person..

[gh1959]

No, I still have an outstanding balance on this loan. That's why I want to separate it, so I have one payment on the house and one on the land. That way I can sell the house - or let someone take over those payments, and keep the land and only have to pay off the land.

[David Oxhandler]

You will have to talk to your lender. At this time the home and land are security against your outstanding balance.

You may be able to get your lender to give you a payoff amount for the home, if you entice them with holding the mortgage on the new home and larger combined real-estate.

If they won't or can't deal, talk to whoever is going to carry the new mortgage. See if you can negotiate for them to pay off the outstanding balance and incorporate it into the new mortgage. You might even get them to let you use the funds from the sale of the manufactured home towards your new down payment.

If your current or new lender are not cooperative, submit the form you will find at www.mobilehome.com/loanfinder.php Use the comment field at the bottom of the form to relate your circumstances.

[Stringer]

how do i post my own threads? i cant see where to do it ...

[David Oxhandler]

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