I only owe k on a mortgage of 9.75% interest. How should I pay it off quickly? The company who owns my mortgage won’t refinance nor will a bank or credit union because it is an older mobile home. The plan was to buy this property, remove the mobile home & replace it with a new home (stick or mfh). However, I did not realize this mortgage had to be paid in full before I could start the construction project. Ooops!
What options do I have? What would you do? Borrow from a 401k? Get a Signature loan at a lower interest rate? or ???

Technorati Tags: 401k, construction project, home amp, interest rate, mobile home, mortgage, signature loan

My loan officer said we could get our new home while having our current home on the market if we did one of two things- paid off our credit card debt or for me to get a job to cover the minimum monthly payments on the credit card debt. This was the only way for us to have two homes at once. If neither of those things could be done, then we had to sell our current home. We paid off almost all the debt and I got a job that covers the minimum credit card payments and some and not to mention my hubby got a 6% raise. We paid down the debt by selling every piece of furniture we own and other odds and ends and even my husbands car. Now, after all this, a hard hit on my credit and frustration with a loan officer who cusses, never returns phone calls or emails and hangs up the phone on you, none of the things that we did to get our new home would have helped us, except to sell our current home. Our new home will be under rural development and RD never allows a second home unless the current home is a manufactured home or trailer. So, we sold everything, took a hard hit on my credit and got a lousy minimum wage job for nothing. Luckily in 6 days we will be closing on the sale of of current home and closing on our new home, but having our new home does not make up for the fact we are out furniture and a car, when those things did not have to be sold in the first place. I even talked to the bank that is funding the mortgage and they said it sounds like my loan officer was stalling us (our new home is new construction so our loan has been processing for 5 months pending the finish of the construction) in hopes our current home would sell so she could make a buck. What can I do to recoup the damages? I want at least a refund on the money we spent for this loan officer to process our loan. ideally, the money spent to process the loan and money to replace our car and furniture. What can I do?

Technorati Tags: 5 months, credit card debt, credit card payments, damages, frustration, hubby, loan officer, manufactured home, minimum credit card, minimum credit card payments, minimum wage job, money, mortgage, new construction, odds and ends, phone calls, piece of furniture, rural development

My boyfriend love each other allot. We live an hour apart from each other and see each other almost everyday. His home is only 8 years old and he amd ex wife where the first home owners to buy it his home is cute and he finished the basement. The downside is that his ex wife name is still on the mortgage and she let him know she does not want it the judge said it can be all his if he can get it all listed in his name he cannot refinance since the home was based on two incomes. The home is away from everything on a long dirt road and the home sit below the driveway. I need advise on what he best thing to do is?

I live in a mobile home in a very nice park I live near everything. I don’t owe anything on my home and it is very nice if I sell it would sell fast and I could make good money on it and be able to use the money for a better home. The downside is that I have to pay 0 a month in park fees and get no privacy. I need advise on what the best thing is for the both of us to do?
I can’t rent out my home I live in a park. If he trys to sell his home it will not sell fast and the chances of him making anything on it are slim. I will not live with him unless we are married or engaged.

Technorati Tags: 8 years, amd, dirt road, downside, first home owners, incomes, mobile home, money, mortgage, park fees, wife name

We bought a home 5 years ago and we are trying to sell it. We recently discovered that the loan we were given wasn’t a mortgage, and the back of the loan says that "collateral not to be used as primary residence". That’s confusing, we live in a manufactured home in a trailer park, is this standard procedure, we are upset because this means our loan is now not assumable, and it’s really hard to find a buyer. Does anybody know if this is normal, or was I suckered into the wrong type of loan? Can I get in trouble for this, and will this affect selling my home?

Technorati Tags: collateral, manufactured home, mortgage, trailer park

Long story short- five years ago I was a stay at home mom, living in an apartment in one of the most expensive areas of the US. you could not buy a 2 bedroom house for less than 0,000, so my husband and I bought a three bedroom 2 bath manufactured home which has been great. We have been approved to buy a house and have the down payment and were counting on the management buying our house and then renting it out which they have done many times in the past. The problem is that they gave me such a low offer on my home it was insulting and not even half of what I could sell it for. We are not able to sub lease ( we rent our land and pay mortgage on the home) and would love to rent it out but cant. I also know that no one will buy it right now because the payments would be the same as house. I am seriously considering just buying a house and letting them foreclose on my modular. I know it would screw up my excellent credit which my husband and i have always worked hard to maintain. but I just know now is the time to buy and by the time I sit around and wait for someone to buy my house, home prices will be back up again. Is this a reasonable thing to consider? my options are so limited and I am trapped in my current loan! Any good ideas or suggestions? i am willing to do anything to get out from under this and into a house I have always wanted.

Technorati Tags: apartment, buying a house, manufactured home, mortgage, stay at home, stay at home mom

I am a single mother of 2 and work 2 jobs but no matter how hard I work I still cant meet all the bills after car payments, insurance, food, daycare, utilities, etc. My fathers name is on this as a cosigner and I can rent a place bigger than my home for almost half of what I pay for my mortgage so this is why I am asking. My ex-husband (who also doesnt pay child support and the state isnt doing anything about it) ruined my credit so refinancing is not an option for me either (plus the fact that I owe WAY much more than it is worth). So, is forfieting it better for me? Will it ruin my fathers credit too right? What would you do in my situation? Thank you so much in advance!

Technorati Tags: car payments, child support, cosigner, fathers name, insurance, insurance food, jobs, mortgage, refinancing, single mother

My finance and I own a home together. He grew pot plants in our house and I didn’t do it myself but I knew about it. We were busted and I ended up getting a possession charge while he got a manufacturing charge. It was a terrible situation. After all was said and done he ended up in jail because he broke the rules on his probation. Now he is out again and wants to grow illegal mushrooms. Based on this information you may think I am crazy to stay with this person but my head and heart say two different things. If I move out and he grows these anyway can I still get in trouble because I am on the mortgage? What can I do to convince him this is a bad idea? I don’t have the heart to turn him in myself. He is a good person but has some stupid ideas sometimes. I have tried to talk to him and I even got rid of everything when he started it but he still decided to start it again. I am also 8 months pregnant and I cannot stop thinking about the position this puts me and my child into if we were to get caught again.

Technorati Tags: bad idea, finance, good person, head and heart, mortgage, mushrooms, possession charge, pot plants, probation, stupid ideas, two different things

My hubby and I will be getting a divorce (uncontested hopefully). We’ve been together for 11 yrs and married for 4 yrs. We do not have any kids. We agree on the division of most of property, and the only major asset we have is our 2001 manufactured home; therefore, this is the main dispute. We still owe K on the house; tax appraisals say it’s worth K. I feel that he should “get” the house. I have no prob. w/this b/c it sits on his family’s land. I think he should buy out my half of the equity (K), re-finance, and continue to pay the mortgage w/o my name on it. Therefore, he can do whatever he wants w/it – sell, keep, move elsewhere, etc. He thinks I should only get approximately K from the house – which is half of what it’s worth (K) minus half of what is still owed (my part of the debt – K). He also does not want to put more money into this house than he needs to.

A few questions:

1) Am I still responsible for this original debt? It would seem that if he would get the house, then I’m done w/the house. I think it would be the same as if I were a roommate that moved out but since it’s a house, there’s equity. But I think only getting K from this house is unreasonable considering what we’ve both put in to it. We’ve both paid an equal amt., literally – if he paid the month’s mortgage, then I would pay him half of the bill and vice versa. We’ve never combined our accts.; we’ve always kept them separate but made sure the bills got paid. This has worked for us.

2) So if this is the only dispute, would this still be considered an uncontested divorce or since we’re disputing the house and can’t come to an agreement, is it contested?

3) Should we seek legal representation? My hubby does not want a lawyer to get involved b/c of the cost. I would like legal advice just to make sure everything is equitable, fair, and done right. Is getting a lawyer a waste of money? I would not want this to become more antagonistic due to the involvement of a third party. Could a mediator help in this situation? What are the advantages/disadvantages of both (lawyer an mediator)?

4) Have any of you been in a situation like this – where you have no real assets and you can agree on the separation of most things? How did it turn out? How did you resolve any disagreements?

Thanks in advance for any advice.

Technorati Tags: accts, finance, getting a divorce, house tax, hubby, lawyer, legal advice, legal representation, manufactured home, mortgage, no prob, roommate, tax appraisals, uncontested divorce, waste of money

If anyone in mortgage is reading this, I know it’s harder getting a loan for a used manufactured than a new. I just want the information. Thanks!

Technorati Tags: getting a loan, information thanks, mortgage

I know it can be tricky obtaining a mortgage on a Manufactured Home but I didn’t think it was this tough!! I have found a 3 acre property with an attached mobile on it that I would like to buy. The problem is the only lender I have found is requiring a min 20% down payment. I would prefer to put down about 10 – 15% and use the remaining money to purchase points as my credit score is approx. 625. I do have a co-signer so approval should not be an issue but I am curious to see if anyone has any other suggestions that may be better. Thanks!!

Oh.. also I am worried about shopping around for financing due to the multiple hits negatively affecting my FICO… how can I avoid this??

Technorati Tags: acre property, co signer, credit score, fico, manufactured home, money, mortgage

I own a Large Doublewide Mobile home in South Alabama on 1 acre of land. I am in Chapter 13 currently and wish to refinance the balance of my Mortgage with the balance of my bankruptcy. Total Payout is ,000.00 with collateral appraised at over 0,000.00. ANY IDEAS FOLKS!!! I am needing to act fast!!!!

Technorati Tags: acre of land, bankruptcy, chapter 13, collateral, doublewide mobile home, mortgage, south alabama

options are available for us? We don’t have a down payment (we might could come up w/ 00 before closing). We didn’t think we’d find the property so soon….and it’s too good to pass up. Our offer has already been accepted on the property.
We need to finance more money than the cost of the land, to pay for expenses such as setting it up on a permanent foundation, clearing the land, new (log) siding, installing the septic, etc.
Most land loan places will only do 15 or 20 yr. financing. We need 30yr. to get the payments low enough. We only owe 18yrs. left on the home (it is a 2004 model) and would really like NOT to have to refinance it. If we had to refinance the whole thing to make this work we would. Most places also do not want to deal with mobile homes because of the stigma and stereotypes placed on them. We are not rednecks….we both have good paying jobs. Our house does not look like a mobile home on the inside and once we put log siding on the outside, it will look better than any other stick built home around the block.
I don’t think I left anything out. What would our options be? How do we get past this stereotype?
added…we bought the home new in 2004. It was refinanced 2 years ago and is now on a 20 yr. mortgage. Right now, the house is on my husband’s parent’s property. We obviously want our own property. We could afford a 200,000 house somewhere, but we are pretty much stuck with the house being that we don’t own the land and would lose money if we sold just the house off of the property. It’s a great house though, so we’d love to just move it to the great property and be done with it. Easier said than done!
hybrid ……good article but we have great credit.

Technorati Tags: good paying jobs, land loan, log siding, love, mobile home, Mobile Homes, money, mortgage, stereotype, stereotypes, stigma

My mom has 80 acres she has a mortgage on. We have a mobile home on about 3 acres of it. we want to refinance. Can she give us the 3 acres? she has about 5 years left on her mortgage. Also what would we need to do to make this happen. can she just do a warranty deed or a quick claim deed or what.
We are wanting to refinanace our property. It is currently financed with another 50 acres as collatoral. we are buying a new place and want to refinance our current. The rate the bank gives us using the collateral that is not the land the house is on is an adjustable rate and we are tying to get to where we can get a fixed rate. We have excellent credit.
Also land has been surveyed and platted a few years ago but not recorded with the county.

Technorati Tags: collateral, collatoral, fixed rate, mobile home, mom, mortgage, quick claim deed, warranty, warranty deed

Need to locate them for real estate question and refinancing property (AMFED Mortgage-for mobile homes). Is this a real Co., were can I locate them as they are not picking up telephone.? 1-800 330- 9679

Technorati Tags: estate question, Mobile Homes, mortgage, real estate, refinancing

I have a friend going through a financial disaster and she needs your help. She is on disability, going through a divorce (her husband just left her high & dry for a younger woman), and is overwhelmed by her debt. She has a mortgage on a trailer in a trailer park with a 13.5% interest rate. She fits the criteria set forth by the Obama Administration her monthly payment is over 38% of her income. She has contacted many banking institutes inquiring about loan modification or refinancing. The banks all have said the same thing to her that since her home is in a trailer park she can not reorganize her loan (a mobile home in a park is not considered real estate). To me this is an outrage. It’s not like she can move her house it has no axles and is a doublewide; moving it is not an option for her. Just because her socio-economic status is low and she was forced by the state laws to put her trailer in a trailer park (you can’t have a mobile home on land where we live) she is being punished by investors. Is there any help for low-class individuals who find themselves in trouble with a mortgage on a trailer in a trailer park? Any suggestions I can give her? She’s such a nice older lady, I’d love to be able to help her. Thanks a lot.
Northpoint lending will not finance anything inside a park.

Technorati Tags: amp, axles, banks, class individuals, disability, divorce, doublewide, financial disaster, interest rate, investors, loan modification, love, mobile home, mortgage, older lady, outrage, real estate, socio economic status, state laws, trailer park

I currently have a mortgage for a manufactured home which sits on my own land. My husband and I want to buy a larger manufactured home using land-in-lieu of cash down payment. If the trade-in value on the old home is ,000 and the the land appraisal is ,000, will ,000 be credited against the new loan amount?

Technorati Tags: land appraisal, manufactured home, mortgage

I’m currently renting but once my apartment lease is up, I’d like to buy a manufactured home, but with the economy the way it is, I’m worried that will affect me negatively. I do have good credit, but only being 19 years old, there isn’t very much of it. So, what are my chances of getting approved for a mortgage? Also, if anyone knows, about how much do manufactured homes run for (2 or 3 bedroom, 2 bath)?
How thoughtful of you to seem so concerned, but nonetheless, I AM buying one, so screw off, eh?
I’ve had my job for a year and a half, and I’ve been working since I was 16. What both of you don’t understand is buying a house, lot and all, right now is NOT an option for me – but I’m sick of renting apartments, especially with how expensive they are. I know manufactured homes are cheap (I want new – not used) and I’m well aware that mobile home parks rent the lot – and guess what. The lot rent is A LOT less than half the amount I pay for rent at an apartment. I know someone who is paying for a manufactured home and renting the lot for it – and both payments combined is a good 300 dollars less then my rent.

Technorati Tags: 19 years, apartment lease, buying a house, economy, job, manufactured home, mobile home parks, mortgage, renting apartments

My parents own an older mobile home (1972) in California. They owe about ,000 & their interest rate is at about 11%.

They are unable to refinance to a lower rate because the mobile home is an older mobile home & they technically don’t have a mortgage bc it is considered "Personal Property". It is detached from the land & they rent the land in a mobil home park….so they do not own the land.

Is there a certain type of loan they can get to pay off their current loan? They would like to lower their interest rate & monthly payment.

Any advice?

Thanks!

Technorati Tags: home amp, home park, interest rate, mobil home park, mobile home, mortgage, parents, personal property

Looking for a lender (or subprime lender) to approve a loan for a manufactured home (double wide) for a 500-550 fico score in Ohio w/ a chapter 7 filing in year 2000. They pay their rent, credit cards, etc. on time every month but have some slow pays on a car loan and some medical debts. They are tired of renting and want a mortgage that they can call their own. Even a rent to own or land contract would work. Any ideas of companies that would do this in Ohio? Thanks for any info or company info offered.

Technorati Tags: car loan, chapter 7, credit cards, land contract, manufactured home, medical debts, mortgage, ohio thanks, score, year 2000

I have a house. A very nice house. The problem is that this house began it’s life as a single-wide mobile home. And now I need to refinance, and I can’t get a mortgage because the house is labeled a "mobile home." Is there any way to get around this? I have what all the realtors say is the prime directive-location, location, location. I live in rural Western North Carolina, in the mountains, at the end of the road, top of the hill. When you’re up here, you would think that you were a million miles away from everything, but you are really five minutes away from downtown. Every way I turn, the mobile home label screws me… You would never know that this house was ever a mobile home, there is no trace of it left. Help me, please….

Technorati Tags: five minutes, location location location, million miles, mobile home, mortgage, mountains, prime directive, realtors, screws, top of the hill, western north carolina