[JoanneHanson]

I am refinancing the loan on my manufactured home. The bank wants me to surrender the title to them. The DMV tells me if I surrender my title, I will never be able to get another one. What are they all talking about?

[ScottGem]

You shouldn't be surrendering the title, but you should be allowing them to place a lien on the title.

[JoanneHanson]

You shouldn't be surrendering the title, but you should be allowing them to place a lien on the title.

Thank you. So give them the title so that it can be updated with the name of the bank, but don't sign anything that "surrenders" the title to them.

[ScottGem]

You shouldn't even need to give them the title. You should just be signing a promissory note that pledges the home as security. At the most you sign a separate letter acknowledging you are using the home as security for a loan that they can use to file a lien.

We do have a member here who worked in the industry and may be able to give better advice. She should be along soon.