ignorance, judgment, neighbors
SO my wife and I bought our first MH finally! But first lets rewind. About a year and a half ago, we bought our first home, 2000 square ft absolutely beautiful in a quite dead end neighborhood. I k...
Forum Discussion
Daveinet wrote:SolidAxleDurango wrote:I would disagree on this. My lender was very interested - interested in knowing I was aware of them. Since the lender retains the title, the lender is ultimately responsible for what happens on the property. They are 100% liable for any fines levied. The only reason you end up being liable is because the lender pays the fine and then goes after you. They do not want any hassle related to the property, as ultimately it costs them money and time going after you.
HOWEVER, the lender is not interested in covenants. They are only interested in title chain and claims to the title.
I think you will find you are a bit confused. The lender does not "retain" the title, they file lien on the title. They are not "100% responsible" for any fines levied on the property. Those "in title" are responsible for the fines. If in fact the person or persons in title never pay the fines, the Association can file a lien also. Clear title cannot be given to a subsequent buyer unless the lien is discharged or settled.
