Subject to mobile home with bank lien

Real Estate Agent · Houston TX · Member since 2024 · 5 posts · 0 votes

Have a deal, subject to mobile home with bank lien, Not payed off, Seller just bought 2 years ago & I am taking over but reading about the title transfer need consent from lien holder. Has anyone done this or a way to transfer title ? In Texas without lien holder consent or?

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Adrian Smude

Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes

Quote from @Victor Correa:

It’s Mobile Home with Land I’m taking over both land payment and Mobile Home payment and right as of now is considered personal property but you just open up my eyes and I’m thinking what we can do is convert into real property and then transfer the land and that way it’s attached to the land Your thoughts? Oh bud, I think it would do that we’re gonna need lender’s consent as well and that’s what I’m trying to prevent, but maybe they do it under them handle that part and then after the fact transfer it.

I've purchased land with a mobile home and took the mobile home subject to. Please make sure you have all the correct disclosures and everyone knows what's going on so you do not get in trouble or anyone else. There are some people out there doing this unethically and being watched.
You'll want a title company/closing attorney who understands how to do this correctly.
No matter how you do it have a back up plan in the event the mortgage company call the loan due.

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Adrian Smude
Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes
1y
Quote from @Victor Correa:

Have a deal, subject to mobile home with bank lien, Not payed off, Seller just bought 2 years ago & I am taking over but reading about the title transfer need consent from lien holder. Has anyone done this or a way to transfer title ? In Texas without lien holder consent or?

Is this the mobile home with the land, meaning a real estate transaction?
Or just the mobile home being a DMV transaction in your state?
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Victor Correa:

Have a deal, subject to mobile home with bank lien, Not payed off, Seller just bought 2 years ago & I am taking over but reading about the title transfer need consent from lien holder. Has anyone done this or a way to transfer title ? In Texas without lien holder consent or?

as other post mentioned, it appears that its personal property and not real property and taking it over like someone would take over a car.
Typically lenders do not allow this but if they do you would ahve to go through a full underwriting to confirm you qualify to make the payments. The reason people do sub2 is to get around this requirement and not notify the lender they are transferring the asset.
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Victor Correa
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Real Estate Agent · Houston TX · Member since 2024 · 5 posts · 0 votes
1y
Exactly that’s why I’m trying to figure out a way to take ownership or protect my investment as I’m taking over payments and do not wanna leave it under their name as they can just come back and take it
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Victor Correa
OP
Real Estate Agent · Houston TX · Member since 2024 · 5 posts · 0 votes
1y
It’s Mobile Home with Land I’m taking over both land payment and Mobile Home payment and right as of now is considered personal property but you just open up my eyes and I’m thinking what we can do is convert into real property and then transfer the land and that way it’s attached to the land Your thoughts? Oh bud, I think it would do that we’re gonna need lender’s consent as well and that’s what I’m trying to prevent, but maybe they do it under them handle that part and then after the fact transfer it.
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Adrian Smude
Rental Property Investor · Plant City, FL · Member since 2015 · 1k+ posts · 379 votes
1y
Quote from @Victor Correa:

It’s Mobile Home with Land I’m taking over both land payment and Mobile Home payment and right as of now is considered personal property but you just open up my eyes and I’m thinking what we can do is convert into real property and then transfer the land and that way it’s attached to the land Your thoughts? Oh bud, I think it would do that we’re gonna need lender’s consent as well and that’s what I’m trying to prevent, but maybe they do it under them handle that part and then after the fact transfer it.

I've purchased land with a mobile home and took the mobile home subject to. Please make sure you have all the correct disclosures and everyone knows what's going on so you do not get in trouble or anyone else. There are some people out there doing this unethically and being watched.
You'll want a title company/closing attorney who understands how to do this correctly.
No matter how you do it have a back up plan in the event the mortgage company call the loan due.
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Armando Carrera
Member since 2023 · 85 posts · 51 votes
1y
Quote from @Victor Correa:

It’s Mobile Home with Land I’m taking over both land payment and Mobile Home payment and right as of now is considered personal property but you just open up my eyes and I’m thinking what we can do is convert into real property and then transfer the land and that way it’s attached to the land Your thoughts? Oh bud, I think it would do that we’re gonna need lender’s consent as well and that’s what I’m trying to prevent, but maybe they do it under them handle that part and then after the fact transfer it.

Hey Victor,
In case you do need to make this into real property, you will need a "affidavit of affixture for manufactured home". The local/ state etc (governing body) may not just "give you" one. You may have to make modifications or additions in order to get that signed off. They may require a foundation (footings) of some sort, a different home set up, among other things. I would call your local governing body and get their feedback because that can be another cost for you... Good luck
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Steve K.
Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
1y
I just got done with my required annual commission update for 2024 (I know I’m a slacker, I waited until the very end of the year lol) and the teacher of the class said that a high percentage of the number of agents who had their licenses revoked in 2024 were the result of being involved in subject to transactions that went sideways. His recommendation was to not participate in subject to as an agent. His advice was that if you have a client who wants to do a sub to transaction, to bow out of that deal and recommend they do the transaction with their attorney instead of representing them. I would think that participating in a sub to deal as a principle poses an even higher risk. Keeping your license and avoiding any legal issues is probably worth more than this one transaction. Good luck with whatever you decide!
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