Posted on: 23rd Jan, 2010 03:33 pm
My husband and I have lived in a 1972 single wide mobile home on 1/3 acres for approx. 15 years. We are getting close to retiring and would like to get into a newer mobile. Again a single wide as the property that we are on would require extensive excavation to fit a double wide. Its just the two of us and the single wide we are in is quite comfortable. Our property is worth quite a bit more than what we had paid for it, thought we could use it as collaterall, no go evidently. We have maybe 1 to 2 thousand cash to work with. The bank (washington Mutual) changed our mortgage home loan to a personal property loan in 2000 as the home is more than 15 years old! So our interest is quite a bit more than a mortgage loan. All we want to do is get into something that is not going to fall down around us when my husband retires. Cant seem to find a mortgage loan for a single wide and definately do not want to go into debt for a double wide. Will need to destroy this home as it will be impossible to move because of age..it's worth maybe 4g and will cost 8 g to destroy! Go figure! This home is very comfortable inside but very old..Any help for two persons that have come to a brick wall for help ?
As far as I know, if the mobile home is built prior to 1976, it does not qualify for mortgage. This is due to the quick depreciation of such a home than that of traditional houses. As it's a 1972 single wide mobile home, it would be difficult for you to qualify for a loan for this home. This may be one of the reasons why your loan got converted into a personal property loan. In that case, you will have to destroy the home.
I will suggest to to just have check with property dealers to verify as said by Niicss.
Best of luck.
I personally feel that there must be some option available.
Best of luck.
I personally feel that there must be some option available.