Assertion: mobile home | /r/HasProperty | real property
Facets:
value: in the eyes of the law
type: LOCATION
value: for bankruptcy law purposes
type: PURPOSE
value: no longer
type: TEMPORAL
value: in one state
type: LOCATION
value: like site-built homes
type: OTHER
Source sentences:
text: The first step in figuring out whether your manufactured home is real property or personal property is to see whether your state has a statute that governs this topic.
text: Not all manufactured homes are considered “real estate”
text: Manufactured homes are titled as real property, much like site-built homes, and mobile homes are titled as personal property, much like motor vehicles.
text: While mobile homes can be real estate in one state, and personal property in another, FHA has its own definition.
text: As a wholesaler, it’s important to know if the mobile home is considered personal property or real property.
text: Also, this legislation attempts to clarify when a manufactured home is considered real property for bankruptcy law purposes, because a debtor in bankruptcy is allowed certain preferences with regard to real property that is the debtor’s principal residence.
text: If a manufactured home is part of the real property, then the home is treated as real estate and the lender must use state foreclosure procedures.
text: If a Certificate of Title is issued, the mobile/manufactured home is no longer considered part of the real property and any lien shall be perfected against the Certificate of Title and the owner may convey ownership only by way of a Certificate of Title.
text: If the homeowner intended to connect the home to utilities (for example, the homeowner contacted the utility company and requested a start date for service) but had not yet done so, courts will still use this as evidence that the manufactured home is real property.
text: Some courts will also use the fact that the homeowner owns both the manufactured home and the underlying land as evidence that the manufactured home is real property.
text: By figuring out whether the manufactured home is personal property or real property, a lender and borrower then know what process the lender must use to recover the home if the borrower defaults.
text: If your manufactured home is real property in the eyes of the law, your lender should have recorded its security interest in your home in your local county’s land records and, in the event of your default, your lender must use your state’s foreclosure procedures.
text: Many states have statutes that provide procedures for converting a manufactured home to real property, while a few states have statutes that specify whether a manufactured home is considered personal property or real estate in credit transactions.
text: To qualify for financing, the manufactured home must be titled as real property.