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Company Loan Type APR Est. Pmt.

Personal loan on Mobile home

Posted on: 16th Dec, 2005 08:27 am
I am trying to find a personal loan using my Mobile home as collateral. Our Mobile home is paid off and we own it. Value is probably around 55,000.00. We are looking to try to get a 10,000.00 dollar loan for repairs and improvement the only problem is our credit is not well at all. Is there any hope for us. We need a new roof and new windows and other needed work.
Hi Mssandieb,

Welcome to MortgageFit Forums.

A personal loan is a loan which is not secured by a personal property like home or a car.

Instead I would like to know what is your score so that I may help you more specifically.

God bless you.

For MortgageFit,
Samantha
Posted on: 16th Dec, 2005 08:38 am
I don't know.
Posted on: 16th Dec, 2005 08:49 am
Hi Mssandieb,

A personal loan is based on one's income, debt and credit history. So these information are required before any appropriate suggestions can be made.

Regards,
Blue
Posted on: 16th Dec, 2005 08:53 am
What other type of loans are there available other then installment?
Posted on: 16th Dec, 2005 08:54 am
Hi Mssandieb,

Welcome again.

That is not a big problem if you don't know the score. Try to know it from any credit bureaus or any credit agency with which you have a debt.

Kindly provide your income and debt-expense information. Having a good credit score will help you to get a personal loan with lower interest although even if you have a bad credit score then also a lot of agencies are there to provide you with the loan perhaps at a little higher interest.

If you want our free counseling and more specific guidance, you can leave your phone number and area code here so that our counselor will call you up and provide the support required based on your information.

God bless you.

For MortgageFit,
Samantha
Posted on: 16th Dec, 2005 09:01 am
Hi Mssandieb,

Back again, with more information.

You can opt for a secured personal loan which is based on a home or any unmovable object as collateral. I think that will be the best option for you. Since, you don't have a mortgage on your property left, so chances are better for you to get the desired amount.

Only you need to shop around for a good rate to help you pay minimum.

God bless you.

For MortgageFit,
Samantha
Posted on: 16th Dec, 2005 09:07 am
Hi Mssandieb,

Other than installment loan two more types of personal loans are available -

  • Balloon loan - Here the mode of payment is in periodic installments and you will have to make a large balloon payment at the end of the period. You should be sure of the steadiness of your income level here.
  • Single Payment Loan - Here you need to pay the total loan amount and the interest at a date fixed in the future. Here also, you must be assured of the steadiness of your income standard.

Hope this information will help you.

God bless you.

For MortgageFit,
Samantha
Posted on: 16th Dec, 2005 09:27 am
Hi Mssandieb,

Personal loans are available even with bad credit. So, you will definitely qualify for a loan since your property value is much higher than the loan amount.

But you may face a higher interest rate as personal loans are available on mobile home at a much higher rate than fixed homes. Also, your poor credit may affect for an increase in rate.

Do shop around to look for the best rate that can be obtained and if it is convenient to you then go for it. You will find a loan definitely with some lenders although the rate may be higher.

Regards,
Blue
Posted on: 16th Dec, 2005 12:48 pm
i want to refinace my mobilehome
Posted on: 30th Mar, 2006 12:11 pm
Hi Carolyn,

Welcome to MortgageFit Forums.

We would like to have some more information on the type of mobile home that you own. Also some of other financial information is required like your current debts, credit score and history, income etc.

We do have a strong network of efficient lenders to guide you and get you the most favorable terms and rates.

You can sign up here, so that we may pass your information to our loan department. They will contact you and discuss with you on the related matters and help you in getting the most convenient terms.

Feel free to ask if you have further doubts.

God bless you.

For MortgageFit,
Samantha
Posted on: 30th Mar, 2006 12:38 pm
i have a judgement, charge offs, credit rating under 400. i need to borrow money to pay for my kid's wedding. i have 15 acres of land that i live on in a trailer; the land is paid for. it's value is around 50,000.00 I would like to borrow 25,000; and have payments around 250.00 a month until it's paid off. who would lend me money like this. thanks; i make 40,000 yr. i will also be declaring bankruptcy after i could get the money; to pay a lawyer
Posted on: 13th Jun, 2006 11:54 am
Hi,

I can understand that you are facing problems with all those negative marks. Actually judgments and charge offs do make your chances poor in qualifying for loan. I guess they make your credit score severe.

Chances of getting any conventional loan are difficult at this stage. May be you can have a look in sub-prime area. Sub-prime lenders might approve you to for a loan.

You need to make an extensive search in your area to find a suitable lender so that at least you get some affordable rates. But I must make you aware that it will be extremely difficult to qualify with such score and even if you qualify somehow the rate will be too high.

Best of Luck.
Posted on: 13th Jun, 2006 12:19 pm
im in a lease purchace on a mobile home. i have it in agreement that leaser will get financed in 12 mouths and they now say they cant get it done and we have to find it of move and loose the 2500 we put down when we signed. and we have had to do about 2000. in repairs we wont get back eather. what can we do to get it financed. have filled bakrupcy 2 years ago after i became disabled and lost every thing. it took 18 mounths to get disablity started. can any one finance it for me. :(
Posted on: 16th Aug, 2007 11:06 am
There are many lenders who would be willing to provide finance as it has been 2 years you had bankruptcy. You should contact a few more lenders to know the requirements they want borrower to fulfill to qualify for financing.

Is the mobile home on permanent foundation? Some lenders would require the mobile home to be on permanent foundation to approve loan request.

Miller
Posted on: 16th Aug, 2007 11:51 am
HI Gearjammer,

When you had an agreement with your leaser, you must have the documents related it. Now when the leaser is denying financing you, he is violating the terms of the agreement. You can even file a complaint against him as you will have all the agreement documents with you to prove as evidence.
Posted on: 17th Aug, 2007 12:18 am
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