We have found the perfect home (brick ranch 3 bed, 2 bath) It is in the perfect location as well. Asking price in only ,400 – It is a foreclosure home, and it will be going up for auction in 15 days, unless we can buy it before then.

So here is the deal. My husband has really bad credit. Reason, his ex-wife got their former marital home in 1999. She was told to get the mortgage out of his name, and to make all the payments on time so not to hurt his credit, but didn’t. In 2005 she was finally ordered to sell the house, using a real estate agent, signs, newspaper adverts etc. AND to make the mortgage payments on time so as to not effect his credit negatively. She didn’t do any of that. She rented the place out from day one, pocketed most of the money and only sent in a mortgage payment when threatened. This already effected his credit. Then in 2007 she just up and decided she didn’t want anything else to do with the home and had it foreclosed on.

Due to ongoing court battles, over his ex-wife’s refusal to comply to any court orders (ie custody etc.) my husband took out a band aid loan (mortgage) in 2003 (to pay attorney’s fees), which was on a fixed rate for the first 4 years, after which we planned to refinance in to another fixed mortgage. However, since his former marital home was in his name, and she had it foreclosed on, she had ruined his credit. As a main bread winner, as my income was not enough to qualify for a mortgage, and his credit was ruined, and no one would even consider giving us credit. Our house payment went from 0 – 0 overnight. The loan was compliments of "Ameriquest" sold to "Coutrywide" A few months later we lost our home.

When we lost out home we could not find another in the same area we had lived in. We were thus forced to move a great distance, and had to find new work. As a cascade effect of all of this, which started with his ex wife, we had to file bankruptcy in 2008, and we didn’t even have enough money left to finish that up.

Bottom line is this. We want nothing more then to have our own little house and make affordable house payments for about 15 years. However, due to our bad credit rating no one wants to help. We can prove all I have just said. Due to lack of funds we can’t hire an attorney to take his ex. back to court. Even if we did, it would be like beating a dead horse…. her new husband would hire a lawyer to draw this out and file excuses etc. etc…. we wouldn’t see much money, if any.

So, having explained all of this, I want to add that my husband has a great work history and has been at his current job for 3 years now. We have lived in our current rental (mobile) home for over 2 years now, and can provide excellent references as far being good tenants. Question is, who would give us a mortgage for that small amount. Bonus here is that the house is actually worth ,000 given the area and all. This is such an incredible opportunity that we just don’t want to loose this chance to own our own house again.

Where could we turn to get this small mortgage for this home? We have a small down payment of 00 to boot. Any suggestions are greatly appreciated.

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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 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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Hello,

I was wondering if I would be able to get approved for a loan for a manufactured home around ,000. My wife and I are wanting to get a double wide and put it on some land that my family owns. I don’t have great credit. We went through a foreclosure about a year ago, so I was wondering if we would be able to get approved for a double wide. We also don’t have any land in our name, so we wouldn’t be able to put that up. We are planning on trying to save about 20% to put down on the home. Do you think we’ll be able to get approved?

Thanks in advance

Technorati Tags: foreclosure, manufactured home, thanks in advance

How did the government bailout to the finance institutions help the economy? What good does it do to throw money back into these institutions, when people are unable/unwilling to apply for a loan for anything!

I know I’m not a "brainiac", but wouldn’t it have made more sense to give that money to the tax payer? Isn’t it ultimately the tax payer that effects the economy? If we aren’t spending, manufacturing slows down/stops [i.e., the auto industry, the trailer industries]; if we aren’t spending because we can’t get a loan [i.e., foreclosure, judgments], why give all that money to lending institutions that are not loaning it back out?

Does no one else see the cause and effect here?

You give money to lending institutions that aren’t circulating the money; you give money to GM and Ford to produce a product that people can’t purchase, because the lending institutions aren’t lending…

Help me out here! I’m not looking for a handout. I don’t need to be rich, nor do I want to be. All I want is to be able to pay my bills on time, have some tucked back for emergencies, and some available for other necessary expenses. I honestly believe that is what most American people want.

Wouldn’t it make more sense to put it out there where it’s going to actually stimulate the economy?

Most people I know [myself included] would:

A. Pay their mortgage to current, or pay it off, which would keep people in their homes and stimulate the lending institutions.

B. Pay off any other outstanding debt incurred from this crisis [such as credit card debt], because we couldn’t afford to fill the tank plus feed the family.

C. Pay cash for a more economic vehicle, no matter what the price of gas is doing at the time being. We’ve learned a lesson here. That would have circulated the monies for the auto industries.

I’m not in any way looking for a handout. I, just like all tax payers, am dealing with this crisis the best way I can, which is going without the things I do not need.

I just wish I could understand how the government can justify these bailouts, when, in actuality, it isn’t going to be effective one way or the other until the middle class feel comfortable enough to start spending.

Technorati Tags: auto industries, auto industry, bailout, cause and effect, credit card debt, economic vehicle, economy, emergencies, family c, finance institutions, ford, foreclosure, gm, judgments, lending institutions, monies, necessary expenses, quot, tax payer, tax payers

I’m looking to buy a manufactured home in Michigan. The home is a foreclosure and the previous owner and title are nowhere to be found. The bank won’t offer financing without the original title. What options do I have?

Technorati Tags: foreclosure, manufactured home

Are there any websites I can post my home for sale? I don’t want to go to a realtor. And I have no interest in making payments on a ,000 loan with 17.5% interest rate. Can I let it go into foreclosure? I owe more then it’s worth and i don’t have any type of updates done to it. So it doesn’t really stand out from the rest of the homes for sale in the park. If I let it go into foreclosure, and it only sells for less then I owe, will I be sued for the rest? What if I don’t have any money to pay for the rest owed on the home? Or what if I don’t pay my lot rent, and get evicted. Will I still be responsible for my mortgage payment on the home and the lot rent even though I got kicked out? I have never been 30 days late on my mortgage, but can not do anything with this high interest rate because my husband and I have bad credit. Any suggestions would help. Thanks

Technorati Tags: bad credit, foreclosure, high interest rate, homes for sale, money, mortgage payment, realtor

There is alot of information sorry I couldn’t cut it short. I am applying for a loan for a mobile home (manufactured) and it’s a foreclosure that has been on the market 80 days for K. No bankruptcy or foreclosure in the past, in fact it’s a first time thing. Ok credit score is 585, 637, and 617 well they pick the middle one so it’s 617. Gross monthly income of 00 and monthly debt of 0. Well we were not accepted from caldwell banker b/c the only thing posititve on the report is one credit card which was opened in October and it’s a 00 limit with only 0 spent. On the credit report there is 67 in debt. Is there any way we are eligible for this loan? We can do 00 down and can show proof of everything! There are so many people out there that get this sort of thing, people worse off than us financially and it is possible…….I am in desperate need of some assistance. Paying 00-00 a month is in our budget. Anyone please help! Thanks so much!

Technorati Tags: alot, bankruptcy, budget, caldwell banker, credit card, credit report, credit score, desperate need, foreclosure, mobile home, ok credit, proof, time thing

I purchased a mobile home 8 yrs ago ()in a park with no land as viable asset) and I do own another home. I have exhausted all avenues for getting it sold, refinanced, (Note holder is Vanderbilt and they REFUSE to help), renting, short sale, etc. I am at the point of walking away cash for keys sort of thing. This one is a rental and I can’t even rent it to pay the note on it. The economy is extremely tight here for real estate rental market. I know I am going to take a hit on my credit but since I pay cash for most everything I buy I am not too worried. Do I need a lawyer to "walk away" or can I send the keys in with a disclaimer note and tell them I am done? I bought it from them out of a foreclosure and found out they did the same thing to previous two owners.

Technorati Tags: avenues, disclaimer note, economy, foreclosure, lawyer, mobile home, real estate, vanderbilt, viable asset

It seems I remember hearing of a type of foreclosure where you simply give your house back to the bank. I know it sounds crazy but I do know there are different types of forclosures. Also does it make a difference what bank the home is financed through and the fact that its a manufactured home.
I hope there’s some loan officers out there that can offer some insight. thanks.

Technorati Tags: forclosures, foreclosure, insight, loan officers, manufactured home

Have been looking for the serial numbers for a manufactured home that I am buying. The inside one was removed and so was outside one when the home was remodelled. Without going underneath the house can I find out what those numbers are?

I have called Division of motor vehicles, the manufacuturer, the register of deeds, the banks where the home was financed by previous owners, etc. We do not have a title because it is being sold as real property, cannot find the previous owners information and he is uncooperative due to foreclosure.

thanks for help.

Technorati Tags: banks, division of motor vehicles, foreclosure, manufactured home, register of deeds, serial numbers

I have managed to fall behind another 3 months, now the mortgage company (WAMU), I’m not going to mention them by name, are trying to take me back to court and have the Motion for Relief to Stay lifted so that they can go ahead with starting Foreclosure procedures. I hear, in Texas, the whole process is usually done in about 3 months. Most cases dont even make it to the Judiscial level!

Technorati Tags: foreclosure, mortgage company, wamu

Is it possible to get a FHA 203K loan on a manufactured home (this is not a trailer park home)?
This home is in foreclosure and has some light damage to the blocks along one wall of the basement (hubby is a contractor). It’s something we’d fix on our own, definately livable in the mean time. The bank that holds the title wants it done prior to move in but since it is in foreclosure and ‘as is’ the bank is unwilling to do it. It seems we are the 10th offer on the house but no one seems to be able to get the appropriate loan.
A 203k is a type of loan not the price. The home is permanantly affixed to the foundation. It is NOT a mobile home.

Technorati Tags: definately, fha 203k loan, foreclosure, hubby, manufactured home, mean time, mobile home, trailer park

My boyfriend and I are in the process of buying a home. We found a double wide trailer close to work in the city. (Not in a park. It is on its own acre of private land in city limits.) It sits on a permanent foundation with a crawlspace. The property is Very well maintained and landscaped. It also has a large front porch and patio. Honestly, you can not even tell its a trailer. It looks like one of those modular type homes. It has been recently built (within the last 3 years) and has top of line everything inside. Its over 1800 sq feet and beautiful inside and out. The current owner pays property tax and is hooked up to city water and sewer. It is in a very nice residential area. (New homes.) However, our real estate agent claims there is no way to get financing on a trailer because it will lose value. Right now it is valued over 100,000! Pretty good for a 3 year old trailer, I thought. My question is, Is there anybody in NC who has a similar property and got regular financing for it??
I also add that we have good credit and do qualify for a regular "stick built" home. Its just that our real estate agent said we can not get financing on mobile/modular homes. She claims it is because they have a higher foreclosure rate than a "stick built" and lose value quickly. It sounds strange to us since the mobile home is not movable or in a park. Also, since its selling/valued at 3 or 4 times the cost of an old single wide trailer. The price is that of a regular home. I'm just a bit confused because we are young first time home buyers. Thanks for any help you can offer!
M2, Thanks! It is on a permanent brick foundation. The "crawspace" is just under the back patio area. The seller is selling the land and trailer together but no lender we have talked to (5!) want to do a loan for a trailer. They all tell us to stick with a "stick built" home. They don't want to "risk" a trailer. Our real estate agent has already found us the "perfect house" to suit our needs so she doesn't want to check into finding trailer financing. Well, she claims she has and there are no options. It is just hard to believe that a home permanently attached to the land with a high resale value (for a trailor anyway, 9,758) can't be financed! We checked and it has never been a "moveable" trailer aside from when it was brought from the factory to the land site and attached to the foundation. We will look into realty.com and a mortgage broker before giving up…Thanks for the advice!
loslunas87031, Are credit scores are very good and it is considered real estate. I think you are very right. That seems to be exactly what they do. The houses they seem to keep steering us towards are quite a few thousand more than we want to pay. Our agent always claims that since we are "quailifed" for a certain amount that we should be looking for 5,000 – 10,000 higher because we can offer a bit lower. Everytime we find something for less we are faced with head shakes and a hundred reasons why that property isn't "good". Home buying has been more of headache than I would have dreamed! It is so frustrating to find something perfect and affordable and told, "I really don't think that is a good investment." Maybe we should just start demanding detailed explaination as to why they won't finance a trailer and try to "barter" them into it…. I don't know. Thanks for your help!

Technorati Tags: brick foundation, buying a home, city limits, city water, crawlspace, double wide trailer, first time home, first time home buyers, foreclosure, front porch, Modular Homes, patio area, private land, property tax, quot, real estate agent, residential area, sq feet, time home buyers, water and sewer

My interest rate is 17.5% and my mortgage payment and lot rent is so hard to keep up with. I have never been 30 days late. But I don't want the house anymore and really don't care about my credit either. Does anyone know what will happen if I just stop making the payments and let the house go into foreclosure? If my husband and I both have jobs paying us under the table, will they be able to garnish our wages still? Any advice would help. Like I said i don't want the house, it depreciates it value, and I owe about ,000 more than it is actually worth, so there is no sense in selling it or refinancing because no one will buy something that isn't worh the money they have to pay for it.
Trust me, I know about my credit. I work in the mortgage industry. And I can't help myself get a better loan. I owe ,000 on this house, and after FIVE YEARS, I still owe ,000. It is only worthg maybe ,000. How can I sell this house? There are 30 or so homes in the community that are for sale. They are bigger, look better, and are selling for a lot less. Like I said, I have never been 30 days late thinking I can save my credit, but I give up and will seek help from family members with getting into another house. I know about still having to owe the difference, but if I have no money they can't take it from me right?

Technorati Tags: family members, foreclosure, interest rate, jobs, money, mortgage industry, mortgage payment, wages