Have your mom sign a statement something like, "In consideration for the release of lien on the OLDMOBILEHOMEDESCRIPTION, Borrower, hereby consents to registration of a lien on the NEWMOBILEHOME with the DMV, to secure the prommissory note between Lender and Borrower, made DATEOFORIGINALNOTE. As further consideration for this agreement, Borrower agrees to pay all of the net proceeds from the sale of the OLDMOBILEHOMEDESCRIPTION to Lender as partial payment on the balance of the promissory note."
Then you register your lien on the new mobile home with the DMV, and you're done.
I don't know if understand what you're trying to do.
If you want the buyer to assume your existing loan and lien, then just have the buyer sign a new note, consent to possessory lien, and then release the lien against your mom and stamp her note paid in full.
Now you're financing an arm's length third party. Don't charge more than 7%, or you're violating the usury laws.
Have your mom sign a new security agreement and note for the old coach, register the lien with the DMV, mark the old note paid in full, and then when the buyer appears, that person will have to either pay off the loan or take the coach subject to your lien, which you will have to transfer to the buyer when you register title in the buyer's name.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).