Question: Last year I purchased a manufactured home on 1.25 acres. A couple of > weeks ago I lost my job of 14 years and am looking for a new one. My > question is that if worst comes to worst and I can no longer make my > house payments, can the bank that holds the mortgage to the house put > a lien on the property? The house is a 30 year loan and the property > is a 5 year(with 4 left to go). The property payments are of course to > a seperate company. Thanks in advance for any advice.
Answer: It never ceases to amaze me the level of incompetence with people that come to me for a loan, sometimes. They say “I have no money, my credit sucks, I don’t have a job, and I have $2,000,000 in judgments against me. Plus theres a warrant out for my arrest. I need a mortgage”
Buddy, friend, not picking on you, and I apologize.
What you signed when you got the mortgage IS A LIEN against the property. It is already there, and only goes away when you pay off the mortgage. They in 100% probability subordinated the land loan. Don’t pay, they get the land and improvements (house)
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