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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi msmilan,
If you go for a home equity loan, you would be responsible for paying off two loans. In my opinion, getting a refinance would be a better option for you as you would be responsible for paying off only one mortgage. However, you should have equity in order to qualify for a refinance.
Thanks |
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chuy
Guest
0.10 Dollars($)
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Post subject: lost job |
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| I lost my job,do to company closing.What can I do about getting help. in payng my mortgage? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Hi chuy!
Welcome to forums!
You should contact your lender and inform him about your financial situation. If you do not want to save your property, you should apply for a deed in lieu of foreclosure. This will help you in selling off your property and you won't be liable for the deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane |
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Linda
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0.10 Dollars($)
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Post subject: 1971 Mobile Home on a permanent foundation |
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| Can I refinance my home at a interest rate lower than 5% |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1168
175.09 Dollars($)
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jenel
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0.10 Dollars($)
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Post subject: single wide mobile |
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| I would like to streamline a loan on a 1977 single wide in washington state can you help? 253 347 2110 |
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0.10 Dollars($)
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Post subject: |
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| Get in touch with your present lender and apply for a streamline loan. He will be able to help you in the best way. |
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bestrates
Joined: 30 Oct 2009
Posts: 3
2.16 Dollars($)
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Post subject: Refinance for Mobile Home older than 1977 |
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Dear Pat,
You inquired about a refinance loan for a MH that was built in 1974.
These are termed Pre-HUD Mobile Homes since they were built before June 15th, 1976 which is the date that legislation took effect that mandated HUD to govern the construction and safety standards of MH's.
Here are the current factors which apply to the few investors in this type of paper that we know of still in the market.
Location: These loans are easiest to get done in California. Right now that is the only state where we know of regular closings (the important part of the loan).
Home Type: Mutli-Section Homes are easier to get accepted (Doublewides, Triplewides, etc).
Land/Home or Chattel: Meaning are you financing the land with the house or is the house in a park or leased lot? The answer to this might surprise you in that there are more programs available for these types of homes in a mobile home park than if the land is deeded with the house.
Loan Purpose: Right now we are only seeing refinance programs that allow for Rate and Term Reduction. NO CASH OUT or Debt Consolidation.
Credit: Since the mobile home is not very strong collateral in this loan you will need very good credit to be considered.
Of course the other normal lending criteria come into play like income, debt ratios, comparable sales for an appraisal, etc.
We would highly recommend that you ask any potential lender/broker about their guidelines on these issues before you let them pull your credit and most especially before you give any money out of pocket (i.e. appraisal fees).
Hopefully this helps you take some of the frustration out of the process on this property type. |
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