Home Equity & Mobile Homes!

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  • #2428

    Hey there, we are in a situation that’s getting a little confusing.
    First off, we are in Texas and this is a Home Equity Loan. We are under the impression that you can take a mobile home and the land attached as collateral for a home equity loan.

    Does the mobile home have to be stated in a SOL as “Real Property” or can it be “Personal Property”. IF it was considered personal property, then wouldn’t that mean that there would be additional collateral? (Which of course is not allowed for Texas Home Equity Laws)

    Also, how are you to reference this in the note & d/t? Can you just say in the note that you’re taking the collateral of, “123 South Main Street” with no reference to the mobile home’s serial number or any of that. With the assumption that just because the mobile home is permanently affixed to the foundation it’s considered part of the “real property”.



    We focus on federal lending compliance issues. Your question involves state law issues. We suggest you contact the bank’s legal counsel.

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