refinancing

Guest 0.10 Dollars($)

Is there any bank, mortgage, refinance company that you know that could possibly refinance my loan quick? I have 4.29 acres of land withA 1971 mobile home on it ( no one lives in the mobile) at this point. (Needs too much work). My credit score is not good. I currently haveA loan on the property. The property is in Maryland. I live in Delaware. I need to refinance NOW if possible. I have aboue 50,000 inDebt with all my bills. Thanks for your time in this matter.

gmakerley · Posted: Mon Jun 23, 2008 10:35 am Post subject:

i know this - you'll have difficulty obtaining conventional financing. discounting the mobile home (it's personal property anyway), you're looking for a loan to refinance land only. there might be a few out there who will finance land, but the pickins' are slim.

try a google search online, but be conscious of who you might end up dealing with. i doubt you'll get a particularly favorable rate in any event.

brian1 · Posted: Mon Jun 23, 2008 2:12 pm Post subject:

I agree with George (happens a lot?)
You are probably looking atwhat we call a hard money lender. Basically a private lender who will charge a big fee up front and a very high interest rate. Most banks will not want to touch this as the mobile is seen as a liability and not an assett when it is that old and in bad shape. The land alone is where the value will be but land loans are very hard to find. I would try a local bank just to see if they offer anything and if not follow Georges advise.

Good Luck
Brian

Samantha

Hi Fae,

Does the property have a permanent foundation? otherwise it will not be possible for you to refinance the mobile home loan. Refer to the Mobile home loan faqs page for more information on mobile home loans.

If you are able to make the mortgage payments, I suggest you continue with it. Don't simply refinance to pay off the bills. if at all you have problems in paying off the bills, you may go for debt consolidation programs.

Hope this helps...

God bless you.

Samantha

john · Joined: 23 Jun 2008 Posts: 36 17.30 Dollars($)

I do land loans but you would have to make sure the mobile home wasnt there when it would be appraised. Lending is a little different in the past like the guys above me said so it would have to be a very straight forward deal. low ltv, good credit etc etc etc. no lates on mortgage if you have one besides the land. im new here so i dont know if my contact information is on the post but if not my email is "john@esgmortgage.com". anyhow best of luck.

[Email address deactivated as per forum rules. Thanks.]

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