Mobilhome Quitclaim Question - Califormia
My mother in law is suffering from declining health. At some point she will need to go into a convalescent home, and we want to protect her estate, small as it is.
We want to quitclaim her from the title to her mobilehome and put one of her daughters on the title instead.
How do we go about this?
This would probably be inadvisable. Think about it this way, if you loan people money to buy a home, including owner financing, you must abide by the laws that govern those transactions. This is to protect both parties. You should be paid the money you are owed and a home owner should not lose their home unless they are in default and the proper foreclosure proceedings are followed. If you try to short circuit those consumer protections you could be leaving yourself open for a lawsuit. For specific advice to your situation be sure and consult a competent real estate attorney.
[ Edited by Money4RE on Date 03/30/2006 ]
There is the link to the definition page and it clearly state a dealer is anyone who ….
http://frwebgate.access.gpo.gov/cgi-bin/get-cfr.cgi?TITLE=24&PART=3500&SECTION=2&YEAR=1999&TYPE=TEXT
Dealer means, in the case of property improvement loans, a seller,
Contractor, or supplier of goods or services. In the case of
Manufactured home loans
Some investors may thing that reg Z doesn’t apply to them and it clearly does if you extend credit more than 25 times a year or more than 5 times on a dwelling. Reg z defines a creditor as someone who regularly extends consumer credit. Reg Z defines regular as someone extending consumer credit more than 25 times a year or more than 5 times a year for transactions secured by a dwelling.
Reg Z also applies to advertising of credit. If you advertise to a consumer your ads must disclose the APR and terms in an approved manner. What out for triggering words.
You will also have to adhere to the Equal Opportunity credit act. This law is designed to ensure that all consumers are given equal chance to obtain credit. It defines what are and what aren’t appropriate measures of credit worthiness.
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Sorry I cant help more....
I believe that it would but as soon as I say 100 percent there will be a small law that say otherwise..
To be safe call HUD...or call another lender... and ask them...
Maybe theyre confusing the grace period...
Here is the link to the entire code.. http://www.access.gpo.gov/nara/cfr/waisidx_99/24cfr3500_99.html
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[ Edited by JohnMerchant on Date 03/19/2006 ]
[ Edited by JohnMerchant on Date 03/19/2006 ]
Forgot to include the link to the 2nd citation:
http://www.fdic.gov/regulations/laws/rules/6500-2100.html#6871
THANKS!
That answered my question....and I appreciate the links /quotes. That was perfect!
64Ford,
The only thing I can think of regarding RESPA and the Reg Z exemption that would apply to an investor is the right of rescission. Investors do not enjoy a right of recission
What specifically happened that you felt was a RESPA violation?[ Edited by NewKidInTown3 on Date 03/28/2006 ]