Posted on: 15th Dec, 2007 06:52pm
A mobile or manufactured home is first built in factories. Thereafter, the mobile home is brought to some location and is given some permanent foundation. If you own a mobile home, then you can use its title as collateral to obtain a personal loan. The lender who is offering you the loan by keeping your manufactured home as the collateral however has to be confident that you will be able to repay the loan. You will be in a better position to obtain the personal loan if you have-
Before offering you the loan, the lender will get an estimate of your house with the help of a property appraiser. This actually helps the lender to determine whether or not you have adequate equity in the manufactured house which you are using as the collateral.
In case you fail to repay the loan, then the lender has the legal rights to foreclose your property. However, if you already have a primary mortgage attached to your manufactured home, then this personal loan becomes secondary. Instead of foreclosing your property, your lender then put a lien against your property.
- A good credit score
- A steady flow of income
Before offering you the loan, the lender will get an estimate of your house with the help of a property appraiser. This actually helps the lender to determine whether or not you have adequate equity in the manufactured house which you are using as the collateral.
In case you fail to repay the loan, then the lender has the legal rights to foreclose your property. However, if you already have a primary mortgage attached to your manufactured home, then this personal loan becomes secondary. Instead of foreclosing your property, your lender then put a lien against your property.
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.
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.
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.
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
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
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.
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.