2Apr/11Off
Chatel loan in SC
I have a client with a 626 credit score, good ratios, good employment history, who wants to do a cash out refinance for the purpose of debt consolidation. Loan amount will be approximately $42,000. The land and the mobile home are both owned by the same owner, but are titled separately (land on one, MH on one). Therefore, this will need to be a chatel loan. It is a 1992 doublewide valued at $25,000-$30,000. The land it is sitting on is worth nearly $40,000. The property is in South Carolina.
April 3rd, 2011 - 10:51
Do it as an FHA and have the mobile permanently affixed to the land. It is easy to do and they do not have to lift the home or move it to make it permanently affixed. Once this is done you can have it re-surveyed as real estate and close on an FHA deal.