Archive for the ‘ Refinance Manufactured Homes ’ Category
tell me the first step or steps I need to know before refinancing my manufactured home. I think this bank is t?
The bank said they couldn’t refinance home but would try and help me find someone who would. I thought it was a modular home but they’re say it’s a manufactured home. It’s really big. The place I bought it from went out of business. How can I find out which home it really is? I need a lower payment or may loose home. Please tell me an honest place to start.
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own a home and payments are way to high and the bank that has the home won’t refinance it so we can afford the home..can’t find any other place that will refinance a manufacture home..help PLEASE
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I need to know what type of a loan I will need to buy a piece of property, set up and prep the construction site and then move my current manufactured home onto it? This loan also needs to refinance the home, pay for the hookup fees, move, set up and install, and would it be possible to add a garage onto the property?
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can you refinance a manufactured home?
Should they refund my appraisal fee?
I was recently working with a mortgage broker to refinance my current mortgage. Everything was fine.. credit score, income, equity etc. The broker was very careful to check into everything prior to ordering an appraisal, a fee I was required to pay up front (0). The appraiser came, did his job. I get a call from the broker today, and although we have not yet recieved the completed apraisal, she informs me that she has some bad news. Since my home is a manufactured home (on a permanent foundation and considered real property), she now tells me that the wholesale lenders she goes through do not loan on this type of home. She appologized, said she should have asked me this, knowing that there are many homes of this sort in my area. I asked about what happens with the appraisal fee.. It’s my feeling that the brokerage should pay this fee and refund the money to me since this was not my fault. I could understand if my loan was denied after going to underwriting for some reason, but this was an oversight on her part… What should I do?? Thank you!
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my daughter is buying a piece of property from us. we want to keep the property in our name until she pays us?
my daughter is buying a piece of property from us. we want to keep the property in our name until she pays us back! how can this be done in the state of florida? we would like to write a mortgage and record it as it would help her credit.
bob
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Is my FHA mortgage non-judicial?
I have a FHA refinanced (deed of trust) mortgage on a manufactured home in California, Due to cutbacks at my job I am not able to make the payments anymore. Can anyone tell me how to find out if my loan is non-judicial? Meaning how do I know for sure that the bank will not come after me if they are not able to recoup get the money owed on my loan.
What steps should I take to ensure I will not have to pay anything.
Thank you very much for your detailed answer, you have made me feel a little better about my situation.
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How can I convert my property type from Manufactured Housing to a regular home?
When we took out mortgage loan we took it out for a used double wide and put it on to a first floor. We are still being classified as a Manufactured Home so we are not eligible to refinance. The thing is the whole thing has been redone and its not a manufactured home, is there anyway to get this converted so we can refinance?
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What are the FHA or HUD requirements for refinancing my mobile home in North Carolina?
I recently started the refinancing process of my home, located in Charlotte, and now have told that it must meet the HUD foundation requirements for manufactured homes. I have lived in my home for years with no problems, so what are these requirements and why are they needed?
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If we default on an Calif FHA loan for purpose of 'strategic foreclosure', what are long/short term impact?
Originally purchased Manufactured Home in 2000 in California. Non-predatory lending, put 5% down for 120,000 home (3BD/2BA). We refinanced for lower (fixed) rate in ‘08, w/ payoff of 3 credit cards & some cash out. Current loan balance is 0,000… but other manufactured homes are Short-Selling for K or less… and some are selling REO at ,000!!!! At this rate — we know we won’t see recovery for 30+ years (we won’t live that long).
We do NOT qualify for Short Sale (we tried), bank will not lower rate (which isn’t really the problem). We technically CAN afford our monthly payment — HOWEVER, our home is on a Land-Leased program, where we pay IN ADDITION to the mortgage….. 0 per month!!! Since we are approaching our 10 year mark living here — the Land Lease is jumping UP to 4!!!!
We have 5 kids (ages 14 – 4) and we feel like we are throwing GOOD MONEY at BAD. We know the 7-year rule about credit damage… but frankly – that is easier to swallow than 30+ years… and leaving a burden for our children.
By foreclosing and choosing to RENT — we can save money for our kids college education… rather than throw underwater-mortgage money PLUS land lease rent away each month for something will will NEVER own. Refinance was 82/18, so it is FHA technically. Bank will recoup from FHA, but can/will FHA/HUD seek DEFICIENCY JUDGMENT since government programs are not bound by Calif Law (ie, non-recourse)???
Thanks so much!!
FHA does not do refi’s? Then, why are my Loan Docs on HUD forms, and why do I have MIP (mortgage ins premium) taken each month?
I think I find my answer:
http://www.foreclosureoptionsnetwork.com/index.php/news-blog
If a homeowner refinances the property with a new loan this then becomes a recourse loan. Often with a refinance there is an equity withdrawal sometimes called a "cash out" refinance. A recourse loan means that the bank or lender now has recourse from the homeowner. In the state of California the bank or lender typically foreclosure by Deed of Trust or Non-Judicial foreclosure. Therefore the ‘recourse’ isn’t typically pursued with a Non-Judicial Foreclosure for a lender in first position, even with a ‘recourse’ loan.
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Manufactured Home Refinancing
Manufactured homes refinancing depends a lot on the age and “blue book” value of your mobile home. The blue book value of a mobile home is exactly what it sounds like — a numerical value found in a book. In the past, there were multiple books. Today, there is only one book that contains the blue book value of mobile homes. It is called the N.A.D.A. Manufactured Housing Appraisal Guide. This guide is what the professionals use to determine the value of a mobile or manufactured home. The blue book value of a mobile home is calculated using a variety of criteria. This criteria may include geographic location, make, model, size and age of the home in question.
Even if you can access this manual, it is advisable to have a professional appraiser do the job for you. The formula for calculating the value of your mobile home can be quite complicated. Book value is going to be most accurate for mobile homes and areas that are deemed average in nature. It also depends on the position of the housing market in your area. Because this is such an in-depth process, you must depend on the services of a professional if you want things done right. There are certain reports you can purchase on the Internet that help you determine the market value of your mobile or manufactured home.
When you are buying or selling a mobile home, the blue book value will come into play. The majority of lenders require the book value when it comes to granting financing for people who need a mortgage loan in order to purchase their mobile or manufactured home. If you are not ready to hire a professional appraiser to come to your property, you can order an appraisal on the Internet. You will need to provide detailed information about the property for the online appraisal service to use. These types of services and reports provide you with an accurate idea of your mobile home’s blue book value so you can decide if you want to sell or not. Mobile homes do not usually appreciate in value, but this is not a hard and fast rule but rather a more general one.
Author: Milt Wapner
Online In The News …
Manufactured home prices
The traditional factory-built home manufactured housing companies would seem to have a bright future as well.
Used manufactured homes prices
A multitude of home buyers and some lending institutions resist consideration of modular homes as equivalent in value to blog-built homes.
Montana dakota mobile home dealer at modular home designs
Their roofs are usually transported as separate units, eradicating the telltale roof line of the factory built home. As the need for housing continues to grow, so does the price of homes.
Mobile homes and manufactured home specials
The tendency of these homes to rapidly depreciate in resale value made using them as collateral for loans far riskier than traditional home loans.
Mobile home floor plans
Most of the companies are selling complete pre manufactured prefab modular homes or houses called “mobile homes” or “manufactured homes”.
For more on mobile home values and prices and for mobile home mortgage refinance”>mobile home mortgage loan information, visit the Mobile Home Shoppers Guide at http://MobileHomeShoppers.com Today!
Article Source: http://EzineArticles.com/
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Ok, I have heard so many different things I can’t be sure of anything anymore.?
I will put this question out there and hope for a more definitive answer. I own a manufactured home on land that we put on a foundation and were told that if we did that it would equal a site built home and go up in value. We also had an ARM that we did get fixed, but it is still at 11.3%. We now cannot get any type of refinance simply because lenders won’t touch these types of homes. Also it has gone down in value dramatically. When we moved into it in 2003 it appraised at 93,000 and we had appraised again in 2007 and it went down to 85,000 and that was before the home prices hit rock bottom. So I guess my question would be would it be for us to try to sell it for what we owe on it, which is about 74,500, and get out from under it before we are completely underwater, or keep it and hope things get better? Any suggestions would be greatly appreciated. Any other manufactured home owners out there have any input on this? Thanks!
I also forgot to add that the home is affixed to the land, making it a land/home package, so there is no way to separate the home and sell it outright even at a loss.
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Why is it that nobody will refinance a manufactured home. I want to lower my interest rate which is 9 percent.?
I have tried to refinance a 9 percent interest rate to a lower one. You see all of this advertising to lower rates but yet no one will do it. When they do they try to mess you over. They wait until you are in forclosure before you can do anything.
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I am looking to refinance my manufactured home (double wide) I recently went through a divorce and would like to get the loan in my name only. I have tried to look for a refinance company online, but I run into a lot of walls because it is a "mobile home." it is on a crawl space, not a full basement. Anyone have suggestions?
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Signed executive orders to close the U.S. military prison at Guantanamo Bay, Cuba, within a year, ban torture and end the CIA’s secret overseas prisons and define treatment of Detainees.
Reversed restrictions on stem cell research.
Signed the Lilly Ledbetter Fair Pay Act. Reducing discrimination based on gender, age, religion, or race.
Signed an executive order reversing the ban that prohibits funding to international family planning groups that provide abortions. Gag rule revoked (Mexico City policy).
Creates the White House Council on Women and Girls "to provide a coordinated federal response to the challenges confronted by women and girls and to ensure that all Cabinet and Cabinet-level agencies consider how their policies and programs impact women and families."
Signed a Presidental Memorandum extending federal benefits to same-sex partners of federal workers and announced support for the Domestic Partners Benefits and Obligations Act of 2009.
Reverses U.S. position on LGBT Issues at the UN: At the "Durban Review Conference," U.S. supports language condemning “all forms of discrimination and all other human rights violations based on sexual orientation.”
Signed executive order requiring federal contractors to offer jobs to current workers when contracts change.
Reversed a Bush order requiring federal contractors to post notice that workers can limit financial support of unions serving as their exclusive bargaining representatives.
Signed executive order preventing federal contractors from being reimbursed for expenses meant to influence workers deciding whether to form a union and engage in collective bargaining.
Created a foreclosure prevention fund for homeowners.
Expanded eligibility for the refinancing portion of the Making Home Affordable plan to help Americans struggling with distressed mortgages refinance at lower interest rates, even if they owe up to 25 percent more than their homes are now worth.
Established a credit card "bill of rights".
Expanded loan programs for small businesses.
Extended and index the 2007 Alternative Minimum Tax patch.
Expanded eligibility for State Children’s Health Insurance Fund (SCHIP).
Expanded funding to train primary care providers and public health practitioners.
Created a new White House task force on the problems of middle-class Americans, and installed Vice President Joe Biden as its chairman.
Appoints Vice President Joe Biden to Oversee Stimulus Plan Payouts.
Granted a reprieve to Liberian immigrants facing imminent expulsion.
Directed military leaders to end war in Iraq.
Allowing Caskets to be photographed when the return from Iraq with family approval.
Released nine previously secret internal Justice Department memos and opinions defining the legal limits of government power in combating terrorism.
On Arab TV Network, Obama Urges Dialogue.
Gave a speech in Cairo engaging the Muslim and Arab world.
Bars independent contractors from conducting interrogations of terror suspects.
Granted Americans unrestricted rights to visit family and send money to Cuba.
Ordered the release of nearly a quarter of a million pages of records from the Reagan White House that were kept from the public during a lengthy review by President George W. Bush.
Restored funding for the Byrne Justice Assistance Grant (Byrne/JAG) program.
Released presidential records.
Required new hires to sign a form affirming their hiring was not due to political affiliation or contributions.
Pushed for enactment of Matthew Shepard Act, which expands hate crime law to include sexual orientation and other factors.
Invites gay families to the Easter Egg Roll as part of the Obama administration’s outreach to diverse communities.
Created a White House Office on Urban Policy.
Increased funding for the NEA.
Appointed an assistant to the president for science and technology policy.
Funded a major expansion of AmeriCorps.
Banned lobbyist gifts to executive employees.
Investment in all types of alternative energy.
Enacted tax credit for consumers for plug-in hybrid cars.
Support for high-speed rail.
Provided grants to encourage energy-efficient building codes.
Extended unemployment insurance benefits and temporarily suspend taxes on these benefits.
Created the White House Council on Automotive Communities and Workers to help auto industry workers transition to new manufacturing opportunities, including jobs in alternative energy.
Stopped raids on medical marijuana dispensers.
Nominated Sonia Sotomayor to the Supreme Court of the United States. If confirmed, Sotomayor would be the first Hispanic to ever serve on the Supreme Court.
Appointed more than 60 openly LGBT persons to positions in the executive branch.
Issues Presidential Proclamation for Pride, proclaiming June 2009 as Lesbian, Gay, Bisexual, and Transgender Pride Month.
Signed a mercury reduction pact with 14
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How can I get out of this house?
My husband and I bought a manufactured home 4 years ago. The home is on a foundation, but of course the home is still movable. We want to keep the land that the home is currently on but have the home moved to another lot. After talking to a loan officer at the bank we have our mortgage through we had started making plans to build a home on the lot that the home is still on. The loan officer indicated all we need to do was refinance the home onto the other lot to release the lean on the property that the home is currently on. However, after finding a buyer for the home(once it was moved) ,finding a contractor to build our new home, buying blue prints, getting approved for the construction loan, and having all the people needed to move the manufactured home and pour footers and build the block ready to go, the same loan officer who told us all we had to do was refinance said oops she was wrong the mortgage has to be paid in full before the home can be moved. We are devastated and are still trying to make this happen. If a bank would let someone finance the home and lot based on what the home would appraise for after it is moved and set up, we could pay off the mortgage. The problem is I cant find any bank who is financing mobile homes . If anyone has any suggestions or ideas on how this could possibly work. I would very much appreciate any help.
I dont want to build on the other lot. I live next door to my grandmother and I want and need to be close to her. Also we purchased the other lot with the sole purpose of moving the home on it. I wouldnt want to build there. Also I have all the money needed to move the home and build the foundation (8000$) and we would pay for that not the buyer!!
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I need to refinance my doublewide manufactured home. Who is a reputable company to do this through?
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Mortgage refinance help?
Hi All,
I am trying to help my mom out but I'm not sure where to go and what to ask. Her mortgage is on a 5-1 ARM and she is currently on her ARM which will expire again in December of 09 (6 months). She refied at 5.25% 5 years ago (with Wells Fargo) but it went up to 6.5 with the ARM. She currently owes 122k with an estimated value at 215k. She has always paid her mortgage, never late and has excellent credit. However the challenge is that she was recently laid off and is receiving unemployment. I checked into the HASP (home affordable refinance program) a bit and it doesn't look like she can qualify for the refinance but potentially the modification? but again I am not sure if that will help as she is on an ARM. Oh and I have verified the loan is not guaranteed by Freddie Mac or Fannie Mae.
P.S. This is a manufactured home placed on a foundation with land if that makes a difference
Any advise would be greatly appreciated
Thanks
Gordon
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