Reply by Everette/Va on 11/21/04 8:52pm
Msg #11810
Since the original title is being held by the lender who is being paid off, sometimes the full
serial # or Id. # is hard to get. Once the lender holding the Title is paid off, they send the
title to the new lender and the new lender adds the Serial # to the Bill of Sale/Power of
Attorney. Almost all transactions using this form is a Security Agreement (personal Property)
and not Mortage with a Deed of Trust. An exception to this is where a person has a manufactured home( Serial #) set up on land owned by himself. In that situation he surrenders the title with Serial # to the state that issued it and the whole transaction becomes a real estate mortgage. Hope this helps!
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