Mortgage advice

sandnsun65 · Joined: 03 Oct 2008 Posts: 1 1.39 Dollars($)

we own a 2001 doublewide mobile home on leased land in a community. We would like to obtain a $30,000 mortgage to consolidate debt (cut up all credit cards and work on a cash basis) and make home improvements. In 2004 we filed bankruptcy due to a serious medical problem/accident, which was discharged in 2004. Our credit is fair and our income is based on Social Security, pension payments and self employment income, all can be verified. Is it possible to obtain a mortgage? Thank you for your imput and advice. MJ

Jessica · Posted: Sat Oct 04, 2008 6:26 am Post subject:

Hi sandnsun,

Welcome to our community forums.

Since it's been you've been discharged from bankruptcy, I don't think it will affect your getting a mortgage loan. But the problem is, it's a leased land. So, I don't think you'll get a mortgage on it. But you can take a personal property loan on the mobile home. Though personal loans are available at slightly higher interest rates, I think it will serve your purpose.

Regards,

Jessica.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

You will want to look for a company that specializes in mobile homes, Mortgage lenders wont refinance the property since it does not sound like it is deeded as real estate with the county.

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