Yet to buy this home which which is stationary and typically appreciates instead of depreciates, it will take roughly a month for a mortgage company to process all the required paperwork and close!
Even in case of flood, fire or tornado, the motor home will be no where to be found and offer no collateral for the lender and at least the land under the house will still be there to rebuild and worth roughly 25% of the original value.
I posed this quandry to Henry Cisneros when he was the secretary of the U.S. Department of Housing and Urban Development (HUD) clear back 1995 when he visited a project I was involved in for the Boise Valley Habitat For Humanity.
Unfortunately, 20 years later we have only about 20 more pages of disclaimers to sign at closing in addition to redundentaly signing tax returns for the third time (on our return, then at application and again at closing) so they can claim to have an original signature before it is digitally scanned and emailed to the lender. I wonder how much worse it would be if the US Government had not passed the Paperwork Reduction Act?
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