Do lenders and credit companies consider owning a mobile home as owning your own home if it's not on a plot of land you own? Would that be considered renting instead of owning if you live in a trailer park? Thank you.
2007-11-14 17:36:52 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Contrary to the previous poster's opinion this a really good question. When you say consider, there are different points of interpretation.
1. On a credit application, a mobile home owner should not check "renting" , the right answer would be own or buying. Those who own, condos, cluster homes or co-ops do not own any land either.
2. In the automated process of reviewing a credit file, a mobile home should be considered a mortgage, but I could see sometimes that not happening. Often times home equity loans or mobile home loans are identifed as consumer loans. The reason that is important is that having a 20k mobile home or home equity loan is much different from having a 20k consumer loan.
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2007-11-14 19:45:44 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
Not to be a wiseass, but most lending institutions view a mobile home as a mobile home.
2007-11-14 18:02:54 · answer #2 · answered by TedEx 7 · 0⤊ 0⤋