I own about 5 acres of land in iowa, im looking to buy a modular/pre-fab home, but i live in iowa so im technically in tornado alley… where am i supposed to go if there is a tornado? im looking into a small log cabin style pre-fab so they dont build them with basements would it be smart to go in the wooded area near me?

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I have a two year degree in Busniness.I have managed a furniture store for 3 years and was a district manager for 5 years with a Movie Rental company.I currently work in a manufacturing plant as a tool buyer.Yeah, ive done it all.Since buying my home and speaking with my Loan officer, the business has always caught my eye.Retail is not for me.I love people and dealing with day to day challenges.I live in Houston tx which has the cheapest realestate Ive ever seen.I think this could be a doorway but dont want to jump in head first.I would rather here from other professionals who have made the change.The good and bad is what I am looking to hear.I welcome anyone with any knowledge about the industry to post comments.Thanks for your time

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When I first bought the property it seemed like a great idea , it was different back then when I bought it(11 years). We’ve tried multiple times to refinance our property but was rejected, sometimes we would get letters claiming that they would try to "Help us" but everytime we’ve called to discuss our situation , it all ends in the same outcome , we don’t qualify. My wife filed bankrupsy years ago , and it has just been getting worse and harder to keep up with the bills. I’m retired(used to build houses,landscaping etc) and its hard to find a job , my wife is the only one who works(Manager at crackerbarrel) and my kids have jobs too. It is really killing us , our morgage is 700 a month and the property was priced at 65K when I first made the down payment 11 years ago , it included 10 acres a mobile home and a modular home. Were going to end up losing our property if we don’t find any alternatives to refinance or get out of our predicament. I can’t even get my teeth fixed because of it I’ve been sick for years because I was thinking of the children and our situation(I have had many pulled). I’ve looked at sites with homes for sale and it just makes me sick comparing the interest rate of properties(100k house with lower interest rates than ours) and I don’t understand why we can’t refinance our property. All the letters they’ve sent us stating that they could help us is just a saftey measure to cover they’re backs and it just ticks me off. Can you please tell me of any alternative companies to finance with or any way to get out of our situation. I would most appreciate all the help I can recieve. Thank you.

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We have been working on a loan to put a new manufactured home on our property. The appraisal came in ,000 more than the loan amount. The broker called yesterday to say that the underwriter denied the loan because of what they saw going in and out of our checking account. My husband is a seasonal worker and the bank statements were from the period he was not working. If you use our annual income to determine our average monthly income, then our debt to income ratio is 25% before the loan (I am including child support payments in this). We realize that we will need to put money in savings for the house payment when he is working to pay the payment when he is not. We have the money to do that. We had 4000 extra dollars after paying our bills this month.
Anyway, the broker didn’t agree with the underwriters decision. He asked us for more bank statements and also something in writing about our plan to pay the payment in the off season. Should I give up that this is going to go through or can the underwriter change his mind?
For Jim…
How is the appraisal value relevant to your problem? I thought that ,000 in equity before even signing would be a plus.

What did the underwriter see going in and out of your checking account? After seeing what went into the checking account and what went out, there wasn’t enough money left to make the house payment which would be true because we weren’t needing to have money left for a house payment.

Is your husband currently not working? He went back to work in July and got his first check August 1st.

If he is currently working why did you provide a bank statement from when he wasn’t working? It went to underwriting the day he got his first paycheck, August 1st, but the current bank statement only goes to July 20th.

If he is not currently working, when does he go back to work? N/A

Do you receive the child support income for at least the next 3 years? The child support is an expense, not income and she will be 18 in April so I believe the payments will end then.

Do

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I am totally confused – went thru a divorce and my ex had handled all this stuff. Now I am finding a title to our house (mobile home) that still lists the 1st leinholder as the secured party, we had refinanced in 2003. the new lender is nowhere on the title I have in my hands — is this wrong? how would I fix it?
I am totally confused – went thru a divorce and my ex had handled all this stuff. Now I am finding a title to our house (mobile home) that still lists the 1st leinholder as the secured party, we had refinanced in 2003. the new lender is nowhere on the title I have in my hands — is this wrong? how would I fix it?

To make it more confusing the first bank has gone bankrupt, and is no longer in existence. My ex signed the title i have in possession over to me.

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Salle Mae is getting ready to sue me. I have no assets except…

I cosigned for my grandmothers manufactured home. Its not worth much but since I cosigned, can they take that? Further I am about to move into my aunts house on the same property. In order to stay there my name has to be on the title- but she is still the owner. Does that mean they can attack her house as well? Also, can they garnish my wadges? These are PRIVATE loans. My federal ones are still in deferment.
Thanks for your answer… let me clarify. Both of their homes are in a community where they pay space rentals. The park does not allow the owners to rent thieir homes so I have to be an owner to live there and pay the space rental- she is ill and has to go live with her daughter. We are doing each other huge favors.

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