Is it possible for a mortgage without possession of the property to get the house moved?

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Just some quick background information: My mother has a house on 2.1 hectares of land. We were hoping to put a manufactured home behind his house on his property. The bank said the country must be on our behalf to get a loan. Meaning of my mother we would deed a portion of their property (they are not sure). My question is to get any type of mortgage must have the country on our behalf? Or is there some sort of determination of my mother sign the permission that we can do that? Robert W.

Warren residence

  1. Reply
    January 26, 2011 at 9:06 pm

    No I don’t think so

  2. Reply
    Diane D
    January 26, 2011 at 9:20 pm

    Contact a mortgage broker. A mortgage broker may have a contact who would be willing to make a loan to you, but it would be at a higher rate than you want and for a shorter time.

    The reason for the high rate is that the value of the manufactured home would start depreciating right away. Normally when you have a mortgage, your house sits on solid ground that you are also buying, and the value of the house and land are considered together. The value of both together tend to rise over time, making it less risky for the bank to lend money.

  3. Reply
    January 26, 2011 at 9:57 pm

    Technically, a loan for a mobile home is not a ‘mortgage’ if land is not part of the collateral. Credit unions and banks will sometimes lend money for the purchase and setup of a mobile home, but they’re usually reluctant to do so because mobile homes, like cars, depreciate… unlike land (usually). Call around to local banks and credit unions to see if one will help you…but expect to borrow only about 75% to 80% of the NADA value of the mobile home. (NADA is the yellow valuation book used by bankers to determine the values of cars and mobile homes, as well as boats and motorcycles.)

  4. Reply
    rucko fotografie
    January 26, 2011 at 10:33 pm

    nice bw

  5. Reply
    walkinginspace pt2...
    January 26, 2011 at 10:54 pm

    gorgeous…perfect in b/w!!!

    a happy new year to you and many thanks for all your comments!!!

  6. Reply
    January 26, 2011 at 10:57 pm

    Good stuff!!!!

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