Posted: Mon Jan 02, 2006 3:11 am Post subject: Mobile home repossession
My investor who wants to repossess my home is constantly harassing me. But I am still current on my mortgage payments. If we don't pay an insurance payment and miss any property tax, they say that they will be taking our home. I am currently staying in a mobile home park. Can you tell me, if I apply to HUD will they help us pay off the loan and move into some other place? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Mon Jan 02, 2006 3:38 am Post subject: RE:
Hi Maria,
If you are making your mortgage payments in time, then I don't find any reason as to why your investor wants to repossess your home. But in case you need to pay the insurance payment and property taxes, you should pay them in time so that you will not lose your home.
Regarding the HUD assistance, you should contact local lenders and enquire about the Title 1 program offered by the HUD. Under this program, loans up to $64, 800 are available for the combined cost of a lot and a mobile home.
Posted: Mon Jan 02, 2006 4:10 am Post subject: Details on title1
I got my answer but pls let me know more about the title 1 program. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Posted: Mon Jan 02, 2006 4:45 am Post subject: RE: Title 1 loan program
Hi Maria,
The Title 1 program allows you to take mortgages from approved lenders as a financing option for purchasing a mobile home and/or lot. FHA insures the lender against financial loss if the borrower defaults. Credit under this program is offered on the basis of the applicant's credit history and his ability to repay the loan in regular monthly installments. The loan is also issued for refinancing the mobile home loan provided the mobile home is used as the principal residence of the borrower.
These loans are not government loans or grants, and these are not available at low rates. The interest rate for this kind of loan is fixed and depends upon the market rate prevailing in the area where your property is located, that too at the time when your loan is being made.
Posted: Mon Aug 14, 2006 6:39 am Post subject: giving my mobile home back to the bank
Because of financial problems I am seriously considering giving my mobile home back to the bank. What are the procedures for this? I would rather just do that than file bankruptcy.
Sad to hear about your problem, can't you find any other solution. And for the procedure, it varies from bank to bank. Moreover you can consult you bank and try to explain them about your situation, I am preety much confident that they will do something for you by rearranging the payment options.
God is with you. All the best. _________________ Good is the Enemy of Great.
Posted: Mon Aug 06, 2007 11:31 am Post subject: Facing mobile home repossession
Because I did not have a job, I fell way behind (3 months) on my mobile home mortgage. Now they are telling me that they will repossess today or tomorrow. However, now I have a job (starts today actually) and I figure I should be able to work out an arrangement to stay in my home. But the lender won't compromise. I have nowhere to go; no friends, no family available to take me in. Social Services cannot help because I have a dog. I gather that I have no rights and can be kicked out whenever the Sheriff's Department has the time to do so?
Manufactured or mobile homes do not include any foreclosure protections like real property home mortgages. When borrowers default on such loans, the home can be repossessed by the lender and sell it at public auction.
What you can do is to talk with your lender and try to negotiate with him to give you some more time to pay off the loan. You can go for a written agreement stating that you'll be paying off the loan within a month or so. I hope he'll surely consider your request.
Posted: Fri Nov 16, 2007 12:44 am Post subject: Help
I am in a intrest only loan i have paid for 7 years and my pricipal never went down I did not know about this. and i am having a hard time refinancing what do i do???
How long is the interest only period for the mortgage? Is it 10 years?
Don't you have any equity in your home?
Have you spoken to your lender? What problem are you having?
I think you should be able to refinance. You may have to shop for some time for lenders.
There is another option. You may refinance with a 125% Equity Home Loan or a no-equity loan, if your credit is good. With such a loan you may borrow up to 125% of your home's value.
If the mobile home is repossessed, it will be sold off at a public auction to recover the amount of debt you haven't paid off. But hey, why do you say so, is your mobile home being repossessed? Aren't you able to gather the funds? Please let me know in details so that I can give you the right suggestions. _________________ Procrastination is the enemy of your financial sucess
Posted: Wed Mar 26, 2008 10:33 am Post subject: Mobile Home
I signed for a mobile home for my son 8 yrs ago. He now can't make the payments and I am now retired on a fixed income. He is in FL (in a trailer lot) and I am in SC. Remaining on loan is $37K and of course it is more than the home is worth. My credit rating is important to me but I cannot keep this loan current for my son now. Please give me some options for my situation. I tried For Sale but only can get $5K or so for it and I have rejected that offer. The payments are $587 for loan and $300 for lot rent. Almost my whole Social Security check.
There are actually quite a few options available for you. Like - you can ask your son to help you in making the mortgage payment. If it is not possible then you can think about refinancing and change the rate-terms if possible. Even if it is not possible then go for short sale and pay off the lender.
Feel free to ask if you have any further questions.
Posted: Fri Mar 28, 2008 10:13 am Post subject: For Larry
Thanks for the info. Short-sale, if I can do this, can the lender forgive the remainder of the loan and charge it off as a loss to them and this may save my credit? Or at least a partial of the remainder of the loan?
Jessica
