Boyfriend Bought Mobile Home W/land

My boyfriend bought me the mobile home w/land that i picked out and to help me out he is going to sign the title over to me and be the lein holder...what should i look for to make sure i am not getting duped??? confused

Comments(21)

  • JohnLocke10th February, 2004

    larkin70,

    Glad to meet you.

    i would think a new boyfriend, as I am trying to figure out who is getting duped.

    He is helping you out of his pocket and you are concerned about getting the bad end of the stick.

    John $Cash$ Locke

  • larkin7010th February, 2004

    well,
    he is married and did this for me with the intention that he would sign over the title and he would be the lein holder until i paid what he paid for the place. i have been paying him what the note would be if i were to of financed it. so, i want to break it off with this married man, and he said he would now sign it over to me. we agreed on a certain dollar amount for a certain number of years. so, i want to make sure i know what i am signing.

  • WheelerDealer10th February, 2004

    Nevermind the triangle here. Im with John.

    Anyway, Just pretend he is nothing but a bank. Do what the banks do. Sign a contract, file the deed and the mortgage..Send a check once a month as agreed.

    Better yet get your own financing or refi as soon as possible. Distance your self as quickly as you can. You know what they about a woman scorned!!?[ Edited by WheelerDealer on Date 02/10/2004 ]

  • JohnLocke10th February, 2004

    larkin70,

    Every so often I answer a post that I know better, more information than I wanted to know but:

    He will hold a note for X amount of dollars payable over a certain period of time at so much interest. You can look at the note to see that the terms suit you.

    The land would be secured by a trust deed with you holding the deed. The trust deed would be the loan so here again the note would contain the terms of the deal.

    He should also file with the Department of Motor Vehicles the title in your name with him as the lien holder.

    Now if this is coverted to real property then it would be covered with a trust deed (loan) describing the property along with the mobile being shown as part of the property. The deed would be in your name covering the real property.

    John $Cash$ Locke

  • NancyChadwick10th February, 2004

    I agree with WheelerDealer--distance yourself by refinancing that will take him out. There may other issues involved here, such as can a married person in your state buy and sell real estate without the spouse consenting absent some pre-nuptial agreement. I don't know the answer to that, but an attorney in your state would.

  • JohnLocke10th February, 2004

    Nancy,

    This is a loan which has no bearing on the maritial status that I can see. He loans the money she repays the money, the wifes only position is that she has a right to the money that is being repaid but not to the property.

    Men and woman today do buy properties in there name only and loan money in there name only. Thank goodness for Susan B. Anthony.

    As far as telling this young lady to get re-financing are you serious?

    John $Cash$ Locke

  • NancyChadwick10th February, 2004

    John,
    In PA, sellers must sign affidavits saying that they are not married at the time of the conveyance. That was put into place to protect the rights of the other spouse. This has applied even where the selling spouse is the only one holding title to a property. I had a situation where my client, selling spouse, had to produce a pre-nup entitling him to sell the property without his spouse joining in.

    As for suggesting refi, that is not because she would get more favorable financing terms, but rather because she will get freedom. Which I think in the long run far outweighs financing terms.

  • ram10th February, 2004

    Ditto the spousal title issue...I just refi'd a rent house that I originally closed individually, and in Texas the lender req'd my wife sign another deed attesting she had no claim in the propt. nor the refi.

  • JohnLocke10th February, 2004

    Basically I would only be guessing whether vesting was taken by "John Doe a Married Man as His Sole and Separate Property."

    As to the laws in AR I don't have a clue, but I would think if this man purchased the property to help his girlfriend, then common sense would dictate that he vested the property correctly.

    John $Cash$ Locke

  • KyleGatton10th February, 2004

    Ok I couldnt resist.

    Personally if I were in that predicament I would have her get a loan for the land if there were any and then just have her be the owner of the mobile with me as a lien holder. The land will be easier to find if a search were to be done. Also as a lien holder rather than the actual owner of the mobile or land, it will be less likely to show up as assets in a divorce. If it does come up the lien can be dismissed quickly to stop any suspicion by signing it over and going to the local Department of Motor Vehicles that day.
    As previously mentioned though it would be altogether better if he were to set up the note and have someone buy it, or for you to get financing on your own, to make a clean break and also to keep his wife out of it entirely. Dont forget that as his wife she has the power to foreclose on the note if you were found out. If I had a spouse and that would happen, I would foreclose and report it to the credit bureau for spite.
    One thing to lose a fling another entirely to lose your home.
    There are plenty of note buyers and mobile home lenders that will do the loan with bad credit. Worse case scenario have him take a second for whatever you cant get financed and pay him off quickly.

    Good Luck,
    Kyle

  • JohnLocke10th February, 2004

    Kyle,

    As I look at her orginal post it looks like this is real property, so she would be into the mortgage loan area rather than mobile note area.

    She would have to tell us if she is in a position to borrow money, natually this would be the best situation, but something tells me this may not be possible.

    I was right why did I answer this post I was just having a good time answering "what it is PITI" for the 500th time.

    John $Cash$ Locke

  • InActive_Account11th February, 2004

    This was an interesting discussion. When (If and when) I have this type of problem I know that "Dear Abby" is where I'll go for advice.

    What I didn't understand is this "PITI" thing. Did you mean PITI or PITY???

  • larkin7011th February, 2004

    My boyfriend purchased the land and mobile home with a certified check and he has the title and the deed at his home. What he is trying to do is to just sign everything over to me with him being the lein holder, as cheap as possible. I have agreed to pay a certain amount for a certain amount of time. As of now, i pay the wife monthly the same amount that my note to them will be. I just need to know what kind of paperwork will i be required to sign. I just want to make sure that he doesn't sweet talk me into trusting that he is doing what is best for me....(i have a daughter, so its important) thank you..

  • NancyChadwick11th February, 2004

    You said that you make the monthly payments to the wife of your boyfriend. Did I understand you correctly?

  • JohnLocke11th February, 2004

    Nancy,

    The wife is probably a real estate agent also.

    John $Cash$ Locke

  • NancyChadwick11th February, 2004

    John,
    Well if so, that's 1 name down and 926,249 more that you owe me the names of.
    Nancy

  • InActive_Account11th February, 2004

    Your best choice would be to go to an attorney to make sure that your interests are protected. It would be a mistake for you to try to do this yourself without professional help. It will be money well spent.

  • WheelerDealer11th February, 2004

    Yes Nancy you heard it correctly!!

    I fell out of my chair!! Im still on the floor peeking up at the screen! I cant see my eyes are wattering up.


    Im thinking that my wifes husband ought to send me to vegas to visit my daughters girfriend so she can tell me she's having my baby on the Jerry Springer show.

  • InActive_Account13th March, 2004

    Little Rock?

    Is his name Bill?

  • cheryllopez31st March, 2004

    TO: LARKIN70:

    I wanted to respond to your post back in February. You may have already signed papers on the title but ...

    You require a professional third party person to help you implement the papers legally for your & your daughter's protection.

    Go to a title company and an escrow officer will prepare the documents legally. First just talk to them, explain your situation. Most ladies will want to help you. Of course, there are escrow fees which your new lien holder could pay so everything is done properly. If he objects to paying ... offer to have the fees adding to your loan amount.

    GOOD LUCK
    Cheryl Lopez

  • unomateo8th May, 2004

    Note to self...

    Never move to Arkansas!

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