» I am looking at manufactured homes in CA, I will place the home in a MH park can I use a realestate Mortgage?

I am looking at manufactured homes in CA, I will place the home in a MH park can I use a realestate Mortgage?

Posted on November 30th, 2009 by admin in first rate realestate | 1 Comment »

I have been told it will be a chattel mortgage, apparently they run higher rates. The axle, wheels and draw bar will be removed why is this considered mobile?

Mortgages are what gives a lender security on a piece of real estate along with any attached improvements. A manufactured home on a rented lot is not considered real estate because it is not attached to the land. Therefore, any loan will only be secured by the manufactured home and is not considered a mortgage. It is more like a vehicle loan that is secured by the title.

One Response

larry r Says:
November 30th, 2009 at 9:22 pm
Mortgages are what gives a lender security on a piece of real estate along with any attached improvements. A manufactured home on a rented lot is not considered real estate because it is not attached to the land. Therefore, any loan will only be secured by the manufactured home and is not considered a mortgage. It is more like a vehicle loan that is secured by the title.
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