2nd Mortgage for Mobile Home
Private Money only
Second or Equity Loan for Mobile or Manufactured
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
willing to lend you money and take a lien on your mobile home behind a
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
Additional Manfuactured Home Info
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