[WSBARP] Family Financing

Thu Feb 13 13:30:57 PST 2025

Another option I thought of would be to put D and B on title to the property as tenants-in-common only for a relatively small percentage, and not as joint tenants.  We would have to see what the lender says about how much of a security interest they want in the entirety of the property.
Carving off even a small chunk from the property will cost the client a small chunk of change.  Not that I mind the work, mind you...

Mark B. Anderson
ANDERSON LAW FIRM PLLC
821 Dock St  Ste 209  PMB 4-12
Tacoma, Washington 98402
+1 253-327-1750
+1 253-327-1751 (fax)
marka at mbaesq.com<mailto:marka at mbaesq.com>
www.mbaesq.com<http://www.mbaesq.com/>
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of marc holmeslawgroup.com
Sent: 02/13/2025 11:58 AM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Family Financing

Two completely different types of loans.  On leased land the home is personal property and gets a chattel loan which will typically have a higher interest rate and shorter term.  If the home is permanently affixed to privately owned land and the title eliminated it becomes real property and can get more conventional deed of trust type financing.

Years ago I was a GM of a dealership in Dallas and "deed in lieu" deals like this are very common in the industry.  My advice would be don't put boyfriend on title even if that means a chattel loan (or no house) is the only option.  If he insists, carve off one acre (or the smallest chunk zoning will allow) to give to her.  Make sure it's on the periphery of the 40 lots with direct road access and not anywhere in the middle with an easement through the parent parcel.

And be ready to bid on it when it eventually goes to foreclosure.

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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> on behalf of Drayna, Paul S. <pdrayna at helsell.com<mailto:pdrayna at helsell.com>>
Sent: Thursday, February 13, 2025 1:41 PM
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Subject: Re: [WSBARP] Family Financing

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Many (most) mobile homes end up in parks where the owner of the home does not own the land - they lease it. Would lender accept a long term lease instead of adding borrowers to title?

Paul S. Drayna | Helsell Fetterman LLP

Attorney | Of Counsel

800 Fifth Avenue, Suite 3200

Seattle, WA 98104

Direct: 206.689.2177

pdrayna at helsell.com<mailto:pdrayna at helsell.com>

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Sent: Thursday, February 13, 2025 11:20 AM
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Subject: [WSBARP] Family Financing

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[EXTERNAL MESSAGE]

Dear Colleagues:

Client owns 40 acres of vacant real property.  Client's daughter (D) and her boyfriend (B) want to purchase a mobile home and place it on the property.  Client is okay with this.  However, to get financing for the mobile home, prospective lender requires that both D and B be on title to the property (D cannot get financing on her own).

Client is understandably reluctant to bring B onto title.  And Client does not want to cosign for the loan.

Any suggestions as to how to proceed?

Thanks.

Mark B. Anderson
ANDERSON LAW FIRM PLLC
821 Dock St  Ste 209  PMB 4-12
Tacoma, Washington 98402
+1 253-327-1750
+1 253-327-1751 (fax)
marka at mbaesq.com<mailto:marka at mbaesq.com>
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