Michigan Home Loan Isn’t A Mortgage…Help?
by Mortgage Rates on Tuesday, November 9th, 2010 | 4 Comments
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Technically it is not a mortgage but more like buying a car. I do not understand the collateral part though.
Even if it were a mortgage nowadays they are NOT assumable without the person qualifying for their own loan.
Trailers are a hard one and unless you put a substaintial amount down it is probably not even worth the amount you owe on it, they depreciate so rapidly.
Try renting it out.
From that language, I have to wonder if you somehow got into a loan intended to cover a recreational vehicle (RV) as opposed to a place to live.
Selling a trailer is like selling a car. There is a title for it and the buyer will want a clear ownership title. Renting the unit avoids payment to move the trailer to another rental lot. Your collateral is like a car if the loan is in default . They can take the trailer.
This is either a vehicle loan or some other piece of property was put up for collateral. It is hard to tell without reading the whole document.
Few home loans are assumable, they have to specifically state that they are. This statement is not what determines that. Since you pay this loan off at sale you should not get into any trouble with it.