My loan on land and mobile home at 9.5% , easiest company to finance with?
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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2 comments
a p f on August 18, 2011 at 7:05 am
See what you property is zoned for. Since it has 2 mh homes, check on how many lots you can make on your property to rent. The land is more valuable commercial then residential. Talk to a mh park owner about how they did it. They might be interested in leasing your property their self. Rent storage space, you be the night watchman since you live there.
Landlord on August 18, 2011 at 7:05 am
YOu may not get lower interest since it is a trailer. This is not a house and is not treated like one.
Greentree is the only lender I am aware of that regularly deals with property like this. Give them a try.
You need good credit and proof of income for 2 years. You can only borrow 2.5 times your yearly income for this.
You can also contact the present lender, see if you can streamline the home. This would lower it to their present trailer interest rate.