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Updated over 6 years ago,
A question about notes and mortgages.
Hi,
I've got a noobie question that I'm hoping someone can help me with.
Its my understanding that when people use seller financing to sell a mobile home in a park, they are recording a note, but they aren't recording a mortgage. If this is wrong, please correct me.
If a note alone is enough for you to repossess a home, then why do people record mortgages for ordinary real estate? Why is a mortgage necessary when selling real estate with seller financing, but unnecessary when selling a mobile home with seller financing? Is it because mobile homes are personal property as opposed to real estate?
Is anyone able to clear this up for me?