Michigan Home Loan is a mortgage … Help?
We bought a house five years ago and we are trying to sell it. We recently discovered that the loan they gave us was not a mortgage, and the back of the loan, said that "no guarantee to be used as a principal residence." That's confusing, we live in a manufactured home in a trailer park, is this standard procedure, we are upset because this means that our loan is not assumable, and is really difficult to find a buyer. Does anyone know if this is normal, or was tricked into the wrong type of loan? "I can get in trouble for this, and this will affect the sale of my home?
This is a contract of sale of the vehicle or other piece of property was put up for collateral. It's hard to say without to read the entire document. Few home loans are assumable, must specifically state that they are. This statement is not what determines that. You have to pay this off at the sale of loans should not get into trouble with it.
$68000 – 5883 Dowler Drive, Houghton Lake, MI
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