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transferring title with lien
Posted on 6/20/17 at 9:24 pm
Posted on 6/20/17 at 9:24 pm
How do two parties best transfer a title with a lien?
This is for a mobile home.
The selling party still owes money on trailer, but is selling.
how does the buyer pay off the lien without the risk of the seller taking the money, and retaining the title?
Im not sure this can be done at a notary, but I've read about title companies that offer an escrow service that plays the middle man and ensures that both parties conditions are satisfied
This is for a mobile home.
The selling party still owes money on trailer, but is selling.
how does the buyer pay off the lien without the risk of the seller taking the money, and retaining the title?
Im not sure this can be done at a notary, but I've read about title companies that offer an escrow service that plays the middle man and ensures that both parties conditions are satisfied
3
Posted on 6/20/17 at 9:29 pm to Rust Cohle
quote:
title companies that offer an escrow service that plays the middle man and ensures that both parties conditions are satisfied
Best/safest option.
You could also do a sale with an assumption, where you just assume the debtors role on the outstanding loan and keep paying it off as the terms dictate. The creditor needs to sign off on it though I think, not 100%
Posted on 6/21/17 at 8:33 am to Neauxla_Tiger
You will typically need your mortgagee / lender's written consent to transfer. Otherwise, there is normally a due-on-sale clause that accelerates the loan. Another negative to this structure is that the seller will typically still be on the hook for payment if the buyer defaults.
Posted on 6/22/17 at 12:39 pm to Rust Cohle
Need to make sure they don't owe more than being sold for or the bank will not release it. Next make cashiers check or money order out directly to the bank. If seller has any left over the bank will give it to them.
Posted on 6/23/17 at 5:12 am to Rust Cohle
Is it a mobile home only, or a mobile home affixed to land?
If no land is involved, you have the bank give a payoff letter. You then cut separate checks to the bank (for the payoff) and the seller (for the difference). You have the seller sign a bill of sale and a power of attorney to transfer title (should be one on state's DMV website). Send copies of those to the bank, along with the payoff and a letter requesting that the title be sent directly to your address. Once you receive them, you can take the BOS and POA with the title and file for a new title in your name.
If land is involved, have an attorney handle the transfer. If the mobile home has been certified as affixed to the property, there probably won't be a title.
If no land is involved, you have the bank give a payoff letter. You then cut separate checks to the bank (for the payoff) and the seller (for the difference). You have the seller sign a bill of sale and a power of attorney to transfer title (should be one on state's DMV website). Send copies of those to the bank, along with the payoff and a letter requesting that the title be sent directly to your address. Once you receive them, you can take the BOS and POA with the title and file for a new title in your name.
If land is involved, have an attorney handle the transfer. If the mobile home has been certified as affixed to the property, there probably won't be a title.
Posted on 6/23/17 at 8:02 pm to LPTReb
Wow you hit the nail on the head! This is exactly what I learned is best, and the lien holder will do exactly as you said and release the title to me.
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