Help...We have 3 acreas and my daughter wants to put a manufactured home on 1 of the acreas,question-?
Answers:
I have spent the last 20+ years in the manufactured housing business and I have ran into this many times in the past. You really have 2 options here. Option 1 is to get your mortgage company to release some land (size will depend on county regulations as far as septic. Most will not allow a septic on anything less than 1 acre) You will have to have this released land surveyed out and a NEW deed or abstract depending on your state made by a local lawyer or title company for your daughters property. . Your mortgage company will require a NEW appraisal on the remaining land to support your loan that you have. So if you take 1 acre away and the remaining 2 acres does not support your loan amount then your mortgage company will not do it. All of this is going to cost you a wad of money, not counting the NEW septic and water meter and electric pole. You did know you had to do that stuff too? I assume you are in a rural area but the basic rules are 1 septic per house, no sharing of electric meter or water meter. Option 2. Do a chattel loan on her manufactured home. No land deeds are involved so you dont have to deal with surveys and appraisal or your mortgage company. The down side to this deal is min of 5% down, better credit score to qualify and higher intrest rates. You and your daughter will be money ahead to just do the chattel loan which she can get from the dealership she is buying the home from.
Good luck 2 U
If she is buying a mfg home, most counties allow her to put it on your property. Contact zoning. If you want to deed or need to deed an acre to her, you would want to have your mortgage company prepare a partial release for the acre (after you get a survey and permission from zoning to subdivide the property). Depending on the amount of the mortgage originally it shouldn't be a problem.
She can put the home on the property with no changes made to it as long as you allow it. It doesn't matter if it is paid off or not. You might want to check if the land has more than 1 parcel though as you could separate it out and put that pice in her name if you really wanted.
The mortgage company gave the loan on the whole property so it is still on all of it.
If it is within the building code and laws of that area and your mortgage holder, you could put the mobile home there.
You would need to contact the local governmental agencies and your mortgage holder to see if you could do that.
The big question...Where do you live...In Mass. you'd have to talk to the bank, check your zoning, and if all is well with bank and the town you would have to get a surveyor to engineer the site and then go to the town to sub-divide the property..Most towns will not allow two dwelling units on one piece of property.
If she puts a house on that property she may be at a loss in the future. Then she may have no nice home. I think she would be better off buying her own property somewhere else.
You need to check with your zoning to make sure that this os legal where you live.
As far as the rest of it goes, she is not buying a house so she does not need to own the land. Her loan will not even be a regular mortgage, as the DMV regulates vehicles.
In order to sell her 1 acre you would have to sub divide your property. You mortage copany does not look at your mortgage as portions of your land being paid for either, the 20k is on all three acres.
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