I Really Need Some Good Advice On This One!
I'm in contact with an owner of a maufactured home. The home is secured to the foundation, and the land is owned by the homeowner. The homeowner has not been able to sell it because it was maufactured in 1975. She tells me that HUD introduced certain specifications to the maufacturers of such homes in 1976. She has had a couple of deals fall through because banks don't want to loan to potential buyers because of this. Does anybody know what this is all about and how to get around it? Her first mortgage is with a HM lender. Her second is with the origional owner who carried back. The orgional owner is MIA (apparentley she's elderly) I'd like to negotiate her off but she's no where to be found. What happens to her loan if the escrow company can't find her to pay her at closing. I don't usually deal with MF homes so this is unfamiliar territory! Please help!
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