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Can mobile home be used as collateral to get personal loan?

Hello,

I have fallen behind in my student loan and credit card payments. I have a credit rating of 500. I own a mobile home, it is fully paid for. It is a 1963, but if very good shape. I paid 33,000 for it :but homes of the same year but smaller sizes have sold in the same community for 50,000 ( in other words I am not sure of the real value ).
I am now making regular payments on the student loan but I am very far behind on the credit card.

Long story short the credit card company has offered to let me pay half the amount to settle the dept ( 6,000 ) and I would like 4000 to catch up on car repairs, and other bills. I am looking for 10,000.

Is it possible tp put up this mobile home as collateral and get a secured loan with my credit score ?
I have a civil service job and I have been there for 6 years, it is very secure and my income is 51,000.
Many thanks for any advice and help.

alex's picture
alex | Joined: May 17, 2007 07:55 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Lonewolf and welcome,

You can try American General for a personal loan using the mobile home as collateral. I know a long time ago Beneficial and Household Finance Corp. used to take securtize personal loans against mobile homes. You may have to find a mobile home lender that will lien your mobile home. There are some out there but they do require a higher credit score. I recommend you make a few phone calls to mobile home lenders or American General to see where they can lead you. Good luck!

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Lonewolf,

Is your mobile home placed on a permanent foundation?

Then you may try for a home equity line of credit (HELOC). Generally, HELOC is a good option to meet ongoing cash needs. This will allow you to draw funds whenever you require, up to a certain pre-determined limit. Even the interest that you pay is often tax-deductible.

The interest rate for a HELOC is initially lower than the usual [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url] but the rate might fluctuate according to the prime rate. Since you have a low credit score, the interest rate offered to you is likely to be a little higher.

If you want to go for a personal loan, then your mobile home will be treated as a personal property and you may not use it as a collateral. And the interest rates for these loans will be much higher than what you get for a HELOC.

There are lenders who are willing to lend to people with poor credit but you may have to shop for a while for lenders to get a reasonable rate.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

But Alex, isn't a mobile home taken as personal property and not as collateral when it comes to personal property loans?I'm confused with this, does anyone else have anything to say on this?

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jbarto65's picture
jbarto65 | Joined: November 4, 2007 04:09 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You should be able to take out a loan on it just as you would as long as you have the title and the deed, you will need to surrender the title as collateral. Make sure all your taxes and insurances are up to date, they will research this before they give you a loan.

If it is on a permanent foundation you will get a better rate, no chance of you moving it then.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I RECENTLY GOT DIVORCED AND OF COURSE I ENDED UP WITH HALF OF THE CREDIT CARD DEBTS, WHICH ARE ABOUT $60,000.00. AS A SINGLE MOM OF TWO I CAN'T AFFORD TO PAY FOR ALL THESE DEBTS. THE CREDITOR ARE WILLING TO WORK WITH ME IN SETTELING BUT I HAVE APPLIED FOR SOME MANY LOANS TO CONSOLIDATE AND NOONE IS WILLING TO HELP. HOW CAN I GET AHEAD IN LIFE IS NO ONE IS WILING TO HELP ME OUT. i OWN A MOBILE HOME AND I'M WILLING TO USE IT AS A COLLATERAL IF THAT IS WHAT IT TAKES TO GET A LOAN. ANY SUGGESTIONS OF WHAT CAN I DO, IT WOULD BE GREATLY APPRECIATED. I NEED TO BE ABLE TO SLEEP AND ENJOY MY CHILDREN LIKE THEY DECERVE TO,THEY'VE BEEN THROUGH SO MUCH AFTER THE DIVORCE THEY DECERVE A BREAK.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Elizabeth!

You have mentioned that the creditors are willing to work with you. You can speak to them about the options. If your lender offers you a debt settlement, in that case, your payments will be reduced by 40% to 60%. Thus you will have to pay less in that case.

You can also go in for debt consolidation program where the lender will reduce your interest rates which will make it easier for you to pay off the credit card debts. If the lender offers any two of these plans, I think, it will better to go for them rather than using the mobile home as a collateral for another mortgage. You should consult a financial coach who may help you to take the right decision.

I know of one debt community -- "//www.debtconsolidationcare.com/". You can consult the financial coach over there who will help you in deciding which option will be better for you.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ineed $ 10.000 dollrs ihave a balance on my home $ 2.500 only

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi luis,

Your question is not very clear to me. Are you looking for personal loans to pay off your mortgage?

Thanks

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Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

luis t mendoza have you looked at the option of getting some equity loan? Looks like you have almost paid off your loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a mobile and need a equity loan.The home is paid for but I have bad credit.Is there anywhere I can turn to.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi frank,

With a bad credit none of the lenders will be ready to give you a mortgage for your mobile home though it is free and clear. Nevertheless, you can still have a word with the local lenders offering private property loans and check out if they can help you in this regard.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My house is worth about 600K & I owe $444K. I have negociated credit card setttlement of $75K and pay out $3400/mo in payments. I would like to consolidate using my home as collateral. I have a 547 Fica score. I can afford 6 yrs @ 6% 75K & would save 2K/mo. Where can I get a loan with these credentials?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi D Estrada!

Welcome to forums!

With a credit score of 547, no lender will be ready to give you a loan. You will have to improve your credit scores and then apply for a loan.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can you provide me with a loan company whereby I can aply for a HELOC on my Manufactured home on private land. I value the prperty @ 120k. I'm seeking a loan for approx 90K.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Robert!

Welcome to the forums!

You will have to contact the local mobile home loan lenders and apply for a HELOC. As you have equity in the property, it will be easier for you to get the HELOC.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a mobile home in a mobile community which is a cooperative corporation.Is it possible to get say a $ 5,000 loan with the building as collateral.I believe the current assessed value is approximately $ 15,000.00 Also I am retired and living on social security.I am currently seeking part time employment with UPS.I own the building outright.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Billboes!

Welcome to the forums!

Getting a loan of such a small amount may be quite difficult. You may have contact private lenders offering loans for personal property and check out if they can help you.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mobile home was purchased from son I owe about $3,200.00 to my son. But home is titled in my name. Just wondering what my option for a mobile home loan would be as to pay him completely off and to pay off other installment loans as to consolidate all into one mthly payment for approximately 3 yrs.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mobile home was purchased from son I owe about $3,200.00 to my son. But home is titled in my name. Just wondering what my option for a mobile home loan would be as to pay him completely off and to pay off other installment loans as to consolidate all into one mthly payment for approximately 3 yrs.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:35 | Post subject:

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