deed of trust on a manufactured home**************...

What is the name of your state? Texas

My Fiancé and I are trying to find out how to go about getting a deed of trust. Our friends are paying for a 3 bedroom/2 bath manufactured home on an acre & 1/2 of land. They want to move out of state, but cant untill they find someone to buy their house. So they asked us if we wanted to take over the payments. How would I go about having something legal showing that we will send my friends the money, and then they will send it to the land and mobile home company? My friends already talked to a title company and they said it would be anywhere from $1,200 - $2,000 when it is all said and done to get everything right. I was wondering if there is anyway to just have a deed of trust drawn up by a lawyer, and have it notarized, so after we pay off the house, they will sign the house over in our names, and it will be ours when it is all said and done. A problem that might occur is that I dont have ANY credit at ALL, so thats why we just wanted to do it by sending them the money, and they send it in to the home and land companies. **ANY** advice would be greatly appriciated!!!

**ALSO** We are trying to do this the cheapest way possible, we dont have alot of money, because of family deaths and sickness, we just need to hurry and get our OWN home. Thanks again VERY much for anyone that takes time out to read this, and helps me out!
God Bless!

--April

I live in Houston, Tx area.

PLEASE e-mail me if you have ANY comments, or suggestions!

[email]bdlg@aol.com[/email]

THNAKS

[HomeGuru]

Originally posted by ApeApe
What is the name of your state? Texas

My Fiancé and I are trying to find out how to go about getting a deed of trust. Our friends are paying for a 3 bedroom/2 bath manufactured home on an acre & 1/2 of land. They want to move out of state, but cant untill they find someone to buy their house. So they asked us if we wanted to take over the payments. How would I go about having something legal showing that we will send my friends the money, and then they will send it to the land and mobile home company? My friends already talked to a title company and they said it would be anywhere from $1,200 - $2,000 when it is all said and done to get everything right. I was wondering if there is anyway to just have a deed of trust drawn up by a lawyer, and have it notarized, so after we pay off the house, they will sign the house over in our names, and it will be ours when it is all said and done. A problem that might occur is that I dont have ANY credit at ALL, so thats why we just wanted to do it by sending them the money, and they send it in to the home and land companies. **ANY** advice would be greatly appriciated!!!

**ALSO** We are trying to do this the cheapest way possible, we dont have alot of money, because of family deaths and sickness, we just need to hurry and get our OWN home. Thanks again VERY much for anyone that takes time out to read this, and helps me out!
God Bless!

--April

I live in Houston, Tx area.

PLEASE e-mail me if you have ANY comments, or suggestions!

[email]bdlg@aol.com[/email]

THNAKS

**A: have an attorney draft an installment contract with a collection account provision. That should resolve all of your concerns.

will that just pretty much state that we will give them a certain amount of money, and pay it to them every month?? Because some woman from a title company told me that doing this kind of thing with a mobile home, is alot harder then a plain house. I was just curious! Thanks so much!

[HomeGuru]

Originally posted by ApeApe
will that just pretty much state that we will give them a certain amount of money, and pay it to them every month?? Because some woman from a title company told me that doing this kind of thing with a mobile home, is alot harder then a plain house. I was just curious! Thanks so much!

**A: that is why you need to talk to a real estate attorney. There are issues such as the following: title, title insurance, survey, home and pest inspections, envronmental hazards, underlying mortgage, land and home deed or separate deed and bill of sale, financing conditions on the home, UCC, consent to sell by the mortgagee, hazrd insurance, real property taxes, repair and maintenance, deed restrictions and CC&R's, if any, building and zoning code compliance, collection account and escrow authorization letters, prepayment penalty, assignment of contract, Seller restricted from further encumbrances from date of contract acceptance and recordation**************...

[HomeGuru]

In addition, on installment contracts, never pay directly to the Seller. Set up a collection acount that will make the mortgage and real property tax payments, It is a real shock to get a foreclosure notice from the Seller's lender threatening to foreclose on the property for non payment when you have been making on time payments to the Seller. And the Seller was not paying the mortgage.