Buying mobile home and assuming loan

[Charlotte Lucchesi]

I need help. I am buying a mobile home and want to assume the loan. What would be the best way to do this? The home is in a senior park and would be my residence. Was thinking of a land trust or would another type of trust be best?

[Jon Holdman]

I assume (pun intended) you mean you want to buy the mobile home "subject to" the existing loan, since its very unlikely the loan is assumable. That topic has been discussed here in numerous posts, with a wide variety of opinions on the best way to do it. I hate to say "use the search function", but in this case, it will turn up a lot of answers.

But is there even a mortgage involved? Mobile homes are usually considered chattel (personal property), not real estate. The loans are like car loans.