I want to borrow money on my paid off moble home

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Icon Mini Profile vibelady53





Joined: 31 May 2010

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Post Posted: Mon May 31, 2010 2:37 pm    Post subject: I want to borrow money on my paid off moble home
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I own my moble home estated vaule 15,000 I rent the lot it sits on. I need $5000 for medical bills and to pay IRS It is a 1997 Fleetwood single wide. I plan on living in it the rest of my life. I have been at the same place of employment for 22 years. My credit is fair I have had a scam on one of my credit cards and am working on getting it paid.
Icon Mini Profile smithsussane
smith.sussane




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Post Posted: Mon May 31, 2010 9:25 pm    Post subject:
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Hi vibelady!

Welcome to forums!

As the mobile home is free from any kind of liens, you can contact the local lenders and apply for a mobile home loan. With a fair credit and good income you will be able to secure a loan.

Feel free to ask if you've further queries.

Sussane
wildennis

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Post Posted: Fri Jul 27, 2012 8:45 pm    Post subject: I own a dobble wide moble and 1/2 acre of land its all paid
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I need to find a loan co. who will lend me 3,000 Dollars, my credit is not so good.
Icon Mini Profile adonis
adonis




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Post Posted: Fri Jul 27, 2012 9:53 pm    Post subject:
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Welcome wildennis,

Lenders normally don't agree to offer such a small loan amount. Nevertheless, you can contact the local private lenders and check out if they can help you in this regard.

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A Hood

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Post Posted: Tue Feb 19, 2013 3:39 pm    Post subject: Borrowing against older mobile home
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My daughter owns a 13 year old mobile home valued at approximately $65,000.
She needs to borrow about $25,000 but her credit (what there is of it) isn't that great. She has already been turned down by a local bank and we are looking for any advice. Thanks!
Icon Mini Profile adonis
adonis




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Post Posted: Wed Feb 20, 2013 11:04 pm    Post subject:
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Hi A Hood,

With a bad credit, it will be very difficult for your daughter to qualify for any kind of mortgage. In such a situation, if you have a good credit, then you can co-sign for the mortgage.

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Icon Mini Profile alanjacobson
alanjacobson




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Post Posted: Thu Feb 21, 2013 5:13 am    Post subject:
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vibelady, best of luck. The bottom line is that you do have something that has equity so you certainly have a chance of getting a loan. The credit problems are going to be a problem since the margin for error on this type of loan is small. You'll also likely find that the bank's valuation will be less than the one you got, since they are very conservative right now.
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