How To Solve Missing Title MH?
I found a park that includes 15 mobile homes with missing title. The seller did not understand that each home needs to have a title so he did not ask for it when he purchased the park about 1 yr ago. The current owner has rented a few of these missing title homes for almost 1 yr and nobody claims for the homes so far. The previous seller is not cooperative. How can I correct this problem? In other words, what can I do to ensure that I own those homes legally? Thx.
[ Edited by ew86 on Date 01/05/2007 ]
And yes, that does seem a very good idea to fix up and resale by owner financing if you could make the numbers work.
everything might have to go toward paying the mortgage
Can you make a balloon note with the seller. say 30 year amortization due in 5 year. in 5 year you better have your credit beefed up.
Payment is low and if you want to throw extra a principal you can.