Q: Can we have a lawyer make a contract to pay off the rest of the mortgage amount just between us and a mobile homeowner?
Basically, a lot of lenders do not want to give out loans for mobile homes. So as a solution, we want to have a lawyer create a contract between us and the owner of the mobile home so we pay him the deposit immediately. but pay off the rest of the amount with interest monthly. just like a bank but of course, it's between us and the owner. Let us know if this is even possible if both parties agree.
A:
Of course it is possible and advisable. A lawyer can advise you on the type of document needed, and it will depend on whether your mobile home is considered real property. Regardless, it can either be a mortgage or chattel mortgage, or a note to repay debt.
It is a good thing you asked and will do this.
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