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2nd Mortgage for Mobile Home
Private Money only

Second or Equity Loan for Mobile or Manufactured Home

This is called a "Line of credit" or "second mortgage" or "equity loan" - usually used for pulling addtional money out of the home. 

So this is considered cash out, unfortunately it is rarely done.

Finding a 2nd Mortgage for a factory-built structure, either new or old, is nearly impossible.  The only way we have seen it done is with Private Money, that is an individual willing to lend you money and take a lien on your mobile home behind a first mortgage.

No Banks, Credit Unions, or institutional lender will take on this risk.  We have only seen regular people do this and it is always very, very expensive.  You would be more likely to find a lender who will refinance your home before you ever find someone to lend you money and take 2nd position on your home.

The process of securing the loan to the home as collateral is usually the most difficult part. A Security Agreement is typically used. This document would list the mobile home specifics like decal number, the serial numbers, etc. as well as identify clearly the Promissory Note. Then, a Certificate of Lien would need to be filed with the Government agency that keeps track of mobile home ownership in your State. By Will Cunningham

Do-it-yourself Promissory Note

Additional Manfuactured Home Info

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