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building home on land currently occupied with mobile home

Posted by amymbaggett (My Page) on
Mon, Jul 31, 06 at 17:19

This is probably more of a financial question. Issue: We are building a new home on the land we currently live on in a mobile home. When we got the construction loan, they absorbed the balance on the mobile home ($12,000). Now they tell us when the final appraisal of the home is done, the mobile home cannot be on the land.
Two questions:
1. Can we SELL the mobile home if it is property locked up in another loan?
2. If we can't sell it, and it can't be on the land, where in the world do we move it? And how much will it cost to have it moved somewhere?
(I'd ask our lender, but we are first time home builders/mortgage loaners and have asked a million questions and they make us fill stupid with every question we ask--as if we should have known the answer or should understand the entire process).

Follow-Up Postings:

RE: building home on land currently occupied with mobile home

Is it possible that the bank has placed no lien on the mobile home or isn't using it as part of the down-payment and that you are free to sell it at anytime?

You will have to bite the bullet and ask the lender if the mobile home is considered part of the total package. It is possible that they considered the moble home to have no value and simply added the amount owed to the mortgage of the new home, their appraisal of the new house and land being high enough to absorb the amount.

When I was in a similar situation, it wasn't a bank but the town that said the mobile home would have to be gone before the inspector could issue the C. of O.


RE: building home on land currently occupied with mobile home

What if you removed the axles and wheels and attached it permanetly to a foundation somewhere on your property with the Proper sewage and water hookups and Electrical wiring that is tied in permanately from the utilities company, and have the listing change on the title so its no longer a "Mobile Home" would that help? Check for loop holes

RE: building home on land currently occupied with mobile home

Cindy, did you notice that the question is from 5 years ago? Is it possible that they have moved on to other issues in the interim?
And I notice that you registered to post just yesterday.

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