How to Clear a Title

[rubantin]

My question involves real estate located in the State of: Missouri

I am thinking on relocating. I found a foreclosed property that I am interested in. After inquiring about the home I found that here was a problem. There had been a lien on the mobile home and the land. The foreclosure was supposed to take care of removing the lien and giving the foreclosure company clear title, however, the paper title to the mobile home cannot be found, still shows up with the Department of Revenue as being in the previous owners name with a lien to a mortgage company that no one knows where or how to find. The current owner, Freddie Mac, says they are selling the land only, which they have clear title to. The mobile home is part of the deal, "at your own risk."

If I buy the place what is the worst case scenario?

Any suggestions as to how to resolve the title problem?

Russ

[OhMy]

My question involves real estate located in the State of: Missouri

I am thinking on relocating. I found a foreclosed property that I am interested in. After inquiring about the home I found that here was a problem. There had been a lien on the mobile home and the land. The foreclosure was supposed to take care of removing the lien and giving the foreclosure company clear title, however, the paper title to the mobile home cannot be found, still shows up with the Department of Revenue as being in the previous owners name with a lien to a mortgage company that no one knows where or how to find. The current owner, Freddie Mac, says they are selling the land only, which they have clear title to. The mobile home is part of the deal, "at your own risk."

If I buy the place what is the worst case scenario?

Any suggestions as to how to resolve the title problem?

Russ

There is a reason Freddie Mac is selling you this as LAND ONLY.

When someone purchases a lot and then decides to put a mobil home on it , this can create a problem.

There is a UCC filed on the mobil home, so if the owner defaults the lender on the mobile home can come and haul it away.

Freddie Mac knows this and is only selling you the land ONLY. At any time the lender of the mobile home can come take it back. This is a risk you are taking. I would suggest that you be sure you are paying a low enough price for the land so you can replace the mobile home if it vanishes off the lot one day.

[lwpat]

Moble homes are usually not under a UCC filing, they are by title just like an automobile. Other than that the post is very good advice.

[rubantin]

So then.. is there a time limit here? In other words, If I buy the land and noone claims the mobile home in a period of time.. do I then assume ownership?

[OhMy]

So then.. is there a time limit here? In other words, If I buy the land and noone claims the mobile home in a period of time.. do I then assume ownership?

No, since it has a title as Lwpat stated, the lien is always valid as it is on an actual title. That means that they can decide to haul off the mobile home tomorrow, next year, or in 5 years. A lien on a title is valid and can be enforced.

I would think that if the land was lost to foreclosure that the mobile home was behind on the payments as well.

Again, you need to be sure you are paying a low enough price for the land to replace the mobile home if need be.

[rubantin]

No, since it has a title as Lwpat stated, the lien is always valid as it is on an actual title. That means that they can decide to haul off the mobile home tomorrow, next year, or in 5 years. A lien on a title is valid and can be enforced.

I would think that if the land was lost to foreclosure that the mobile home was behind on the payments as well.

Again, you need to be sure you are paying a low enough price for the land to replace the mobile home if need be.

The realtor is very familiar with the property. The property including the trailer was foreclosed. However, they can not find the paper title or owner to seal it. So, then, maybe i should try finding the owner and title first?

Russ

[OhMy]

The realtor is very familiar with the property. The property including the trailer was foreclosed. However, they can not find the paper title or owner to seal it. So, then, maybe i should try finding the owner and title first?

Russ

The trailer is not part of the foreclosure. That is why there is a seperate title to it and Freddie Mac is NOT including the trailer with the sale. If it was a pre fab home then it would be included in the sale.

Even if you could find the prior owner of the property the title is worthless if it has a lien on it.

You are not hearing what you want to hear so you are asking questions that are not of sound judgment.

I suggest you read all that was said on here and understand it.

There is a good chance the mobile home can vanish off the lot if there was a lenders lien on it. This will NOT change no matter how many times you ask the same question.