Title loans on mobile houses. Any see any potential issues with beginning a home title loan company that is mobile?
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Dustin M.
A person came in my opinion recently trying to borrow $500 in which he has a free of charge and clear home that is mobile. We told him We would allow him borrow the funds if i possibly could place a lien on their mobile house.
Anybody know precisely simple tips to try this. In addition, this provided me with good company concept.
Title loans on mobile domiciles (you see all of them the time for automobiles you will want to mobile domiciles).
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Mike Matthews
Yes, Dustin can it be a good notion, i actually do it myself frequently. Each time a house is paid if they want on the mobile home off I make sure the new owners know personal loans la I can give them a loan. In this way I suck them back.
In Texas once you file the Title or S.O.L Statement of ownership and location, there clearly was spot to position your self since the lien holder. So always check you neighborhood states mobile phone Residence Title kinds.
You can see where you files for the lien if you look at section 8 on this form.
Good work you might be thinking like an expert.
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Bill W.
Dustin, i recommend talking to a lawyer to find out if this really is appropriate in a state. I’d a comparable concept final 12 months and talked about it by having a RE lawyer in Texas. That it would be expressly forbidden, he did have concerns about its legality in Texas while he didn’t say. I finished up moving in a direction that is different would not pursue the problem.
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Dale Osborn
See the publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. This type is described by it of investing. No home loan business will loan against an utilized mobile house. The only method that numerous can perform the US imagine house ownership is through having an investor like yourself accessible to make it work by loaning them the amount of money required and securing a lien up against the mobile house.
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Rachel H.
I would caution about that, Dustin. You may have to consult legal counsel with this 1.
Regarding putting liens on houses, I’m pretty certain the lien might have to be linked to your home (in other terms. promissory note to house, mechanics liens, etc). In certain areas, there are several actually strict guidelines for creditors in terms of law that is homestead. Hope that can help!
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Jamie Antley
We possess a 1994 mobile house We ended up being looking to get that loan against name is the fact that possible?
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Mike G.
See the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
It defines this kind of investing. No home loan business will loan against an utilized home that is mobile. The only method that numerous can perform the American desire house ownership is through having an investor it happen by loaning them the money needed and securing a lien against the mobile home like yourself available to make.
Great guide because of the real means, Ive read all Lonnie Scruggs books. unfortuitously things that Lonnie did right back in the time were money that is great but have now been all but made obsolete in this underneath the microscope predatory lending world that individuals are now living in. I attempted to complete exactly what Lonnie did about 6 years ago and had been offered a cease and desist letter through the state and county. It sucks because Lonnie had been a pioneer together with taking straight back notes on mobile domiciles being a Lonnie dealer inside other individuals areas.
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Leslie The.
I might like to do that. But don’t have any basic notion of the legality. No working with the real house!
I’ve bought current MH loans in past times. Also wonderful, but harder now following the SECURE work.
Just noticed we are replying to an 8 yr old Post. Lol
