I have a mobile home but dont have the title to it and when I look up the info is says active mortgage liens and then the name of a company, I just want to know what that menas. Any info would help thanks.
2007-01-05 07:57:45 · 2 answers · asked by enano 4 in Business & Finance ➔ Renting & Real Estate
It means there is a unpaid mortgage balance remaining, assuming it is a mobile and not a manufactured home it is likely the original owner bought it as part of a land home package and there was what is called married title. Thats where the mobile is legally attached to the property title wise. Now if the same owner built a house and had to remove the mobile he likely sold it to you or whomever you bought it from and didnt take it off his title or mortgage loan. It would benefit you to call the lender on title and clear this up. If the title holder defaults you could lose the mobile.
2007-01-05 08:22:12 · answer #1 · answered by Kevin H 4 · 1⤊ 0⤋
Without looking at it, I would think there is an outstanding lien or loan on the property. Chances are the company listed holds a mortgage note on the property. They will continue to hold the title until you pay off that note.
2007-01-05 08:14:04 · answer #2 · answered by flamingojohn 4 · 0⤊ 0⤋