getting out of a sticky situation

Guest 0.10 Dollars($)

hi
i have a mobile home now that is located in a park. we have found a piece of land that we would like to purchase. the problem is the book value of our home is alot less than what we owe on the home, thanks to some sneeky s.o.b's we bought it from. we owe $59.000 the land is for sale for $55,000. the land needs a foundation a septic and a well. we can trade the house in on a modular but again they won't give us what we need to pay it off. is there any solution for one loan for everything and to get out from under this house?

jameshogg · Posted: Thu Aug 14, 2008 12:47 am Post subject:

Hi Whitneyplace,

Welcome to forums.

If you are looking to purchase the land with a mortgage, you may go for a land loan. I think you're trying to sell the mobile home, isn't it? perhaps you're not getting enough cash for it. So, why don't you offer it for rent till you get a potential buyer.

Guest 0.10 Dollars($)

As James said, you can get a lot loan (just for the new land) or you can get a construction-to-perm loan to have a modular home contructed on the land and do that as one transaction. You might call some reputable lenders in your area to find out about a lot loan or construction-to-perm loan for the new modular home.

Renting out your current home until you can sell it as James mentioned, or doing the trade-in and coming up with the difference out of your own pocket (or with a personal loan) may be your current options.
I have been watching this thread and haven't seen many responses, so I thought I would share what little knowledge I have. I know Wells Fargo offers construction-to-perm financing (I am sure many other lenders do also) and I know modular homes are treated the same as stick- built.

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