Mobile Home Question/Mortgage

[iupui1299]

Hey, I don't know if anyone can shed some light on this question or not. I got a call from our loan officer saying that our first loan submittal was given a condition to not close until April of 2009. My wife and I filed bankruptcy and lived in a manufactered/mobile home. Apparently, this lender views that as a foreclosure and will not let us close until 04/2009. So it is being submitted to a new lender who has said they will do the loan. Now here is the tough part. They want me to go to the BMV and request a copy of the registration for our mobile home. I never had a registration for the home but he says that the BMV keeps record of mobile homes. Anyone ever heard of this or know if any of this sounds correct? I am afraid it is going to be impossible to get a copy of this registration. We have not lived in the home since June of 2006. Any thoughts?

[emoney]

I would suggest you run from mobile homes. They go down in value like automobiles, so why spend money on something that goes down.
Single family homes tend to go up in value and can be used for retirement when the time arrives.
regards,
emoney

[CindyLou]

I think the OP lived in a mobile home PRIOR to the BK, right?

Yes, in most states the DMV issues a title on mobile homes, however if you no longer own it then you probably won't be able to get a copy of the registration.

As far as the 2 year rule.....find a lender that is willing to ask for an exception. Lenders can give execptions on FHA loans after 12 months if you have PERFECT credit since your BK and have established credit since the BK AND can justify why you filed BK and show that you have corrected the issue that caused it. It's usually just a short paragraph...nothing fancy ....

A repo on a mobile home could be viewed in different ways, depending on how you had it financed. If you had it financed with a mortgage co. like GreenTree, they do veiw it as a foreclosure.

[iupui1299]

It was a mobile home that we used to live in but surrendered over to the bank. It was 5/3 bank and basically an installment loan. I called the bureau of motor vehicles this morning and they said that mobile homes do not even have registrations only titles. So since we surrendered it to the bank there is no way I can get a copy. I called the mortgage company and they are waiting for the underwriter to get back with them on what needs to happen next. The loan officer has said that he feels so confident that we will get approved that he has already told our builder to go ahead with everything. I am not sure what is going to happen next. We are supposed to hear from the underwriter tomorrow. Our home was not attached to any land. We paid lot rent and somewhere on the home was a VIN #. Our credit looks really good. The only blemish on it is that my wife was late on paying a student loan that she didn't know needed paid yet. We have that down to 200 bucks and wrote a letter explaining why it was never paid the 1st two months of the loans existence. Basically, this mobile home issue is really the only bump we are dealing with right now but it is proving to be a difficult one.

[iupui1299]

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Slight Update: The underwriter wants some sort of 3rd party documentation that shows that the mobile home was assessed as personal property and not real property. Things never are easy. I am waiting to hear from my loan officer on who I need to contact to get this info. Any ideas?

[Minnymouth]

On your BK petition it should have the mobile home listed under personal property...... since it sat on a rental lot. That document should be good enough for them....

[iupui1299]

Thanks Minny....I will check that out.