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Posted: Sun Jan 04, 2009 6:24 pm Subject: foreclosure/mortgage question

We purchased a modular home in 1998 with a mortgage--but the land we paid cash for. We have a foreclosure on the home now. When we mortgaged the home--does it automatically attach the land to the mortgage? Or

Posted: Sun Jan 04, 2009 6:31 pm Subject:

Did you use the land as collateral??

Posted: Sun Jan 04, 2009 7:50 pm Subject:

If the home cannot be relocated without destroying it, then it has become an accession to that land, and I would think is legally attached to that mortgage. I'm sure if you read all the fine print on your mortgage, it will say that much.

Granted, I'm not a mortgage or real property expert. My comparison is a car loan ... if someone puts $10K rims on their car, stops making payments, and the car gets repo'd ... since those rims have become a permanant modification of the car, you can't have them back unless you redeem the repo.

sherrill · Posted: Sun Jan 04, 2009 9:45 pm Subject: foreclosure/ mortgage question

I need to read the papers more closely--I know they told us the modular can be moved off the property without being destroyed.
But I didn't think of this until after I posted the question---we did have them make a basement--which is attached to the property--of course. But we did make a down payment on the mortgage that would cover what the basement cost.
I'm thinking they would have attached the property to the mortgage because of that though. I'm going to pull my papers and see how it is worded.

sherrill · Posted: Sun Jan 04, 2009 9:46 pm Subject: foreclosure/ mortgage question

I need to read the papers more closely--I know they told us the modular can be moved off the property without being destroyed.
But I didn't think of this until after I posted the question---we did have them make a basement--which is attached to the property--of course. But we did make a down payment on the mortgage that would cover what the basement cost.
I'm thinking they would have attached the property to the mortgage because of that though. I'm going to pull my papers and see how it is worded.