[doublewide]

My husband and I recently applied for a refinance loan on our home. It is a doublewide on 5 acres converted to real estate. Everything went fine until the appraiser drove by and to told the bank loan officer it was a doublewide. There was nothing in any of the loan papers we filled out or in the diclosure statement that said this bank did not loan on manufactured homes. Now I am fighting to have my deposit returned. Is this a leagal practice? Can anyone help with this?

[twinkiedooter]

If the home was married into the property as real estate it does not matter if the home was site built or built in a factory. If you had the home up on cinder blocks (piers) and skirted in and the home had a title and not a deed, then I could see their point. Hire an attorney if they won't give your deposit back. They really don't have a leg to stand on since the home is considered real estate and you have a deed instead of a title to the home. Do you have a deed and pay taxes on the whole shebang with the county or do you pay land real estate taxes and pay a separate tax for the home? You could also contact the Manufactured Home Division in your state and ask them as well as I am certain the bank cannot do this. If this is a HUD Code home, maybe. But if it is a State Code Home absolutely no way can they deny you the loan. How old is the home? Who did you purchase it from if you were the original owner? If you do know who it was purchased from, contact the dealer as the dealer should be able to help you if the home was properly installed and inspected by the county. Also, if the home is on a full basement or an approved crawl space and is over 1,200 square feet then it should be considered real estate and not personal property like a car. If you got a real home mortgage on it in the first place, then it was considered real estate. If you could only get a chattel loan then the home was considered personal property like a car.

[Fr_Chuck]

Many mortgage companies have company rules where they do not lend money on mobile or manufactored homes ( they have axles and are moved onto sight) The reason for this, is that many have lower resell values and actually will lower in value as they get older, not increase or reamin stable.

If the home originally had a title, ( like a car) at what point was the title disposed of and it became part of the property ?
And I have to ask, what deposit, on a refi, call me silly but on dozens of refi over the years I have never had to pay anything upfront?