Posted on: 12th Mar, 2009 04:15 pm
i purchased my parents 1976 2-wide mobile home in 1999 and found 1yr later that the floors were falling through, the roof was leaking all over, the walls weren't sealed to floor any longer, black mold was throughout, and determined the house was making me and 2 kids sick constantly.
contractor said needed total rebuild. couldn't afford that.
purchased new (2005) 2-wide mobile home ($71k) but had to include in mortgage additional costs of $7k to tear old home down and $53k to pay off balance of that mortgage before i could have the home torn down. mobile home is bricked under all around, wheels gone, small deck built on back, and on almost 3 acres of land (2 acres with no lien). the home and 1 acre of the land are on the same tax map number, with the remaining land on a separate tax map number. is there a lender who would loan approx $140k, which is the balance on the current mortgage, so i can refinance to a rate around 4-5% vs. the current 7.75%?
contractor said needed total rebuild. couldn't afford that.
purchased new (2005) 2-wide mobile home ($71k) but had to include in mortgage additional costs of $7k to tear old home down and $53k to pay off balance of that mortgage before i could have the home torn down. mobile home is bricked under all around, wheels gone, small deck built on back, and on almost 3 acres of land (2 acres with no lien). the home and 1 acre of the land are on the same tax map number, with the remaining land on a separate tax map number. is there a lender who would loan approx $140k, which is the balance on the current mortgage, so i can refinance to a rate around 4-5% vs. the current 7.75%?
Hi hopehauling,
Did you speak to the local lenders of your area to check whether they would refinance or not? I would suggest you to speak to them first. This will give you an idea whether you will be able to refinance or not. Moreover, you will also come to know about the present market rates as well.
You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you to know what type of rates you can receive.
Thanks
Did you speak to the local lenders of your area to check whether they would refinance or not? I would suggest you to speak to them first. This will give you an idea whether you will be able to refinance or not. Moreover, you will also come to know about the present market rates as well.
You can also speak to the lenders of this community and seek a no obligation free mortgage quote. This will help you to know what type of rates you can receive.
Thanks
How much is the property worth? If you are at 95% or less you may qualify for an FHA Rate and Term Refi...
But, there is very few lenders left for doublewides so you better act quickly. If you use a broker, CWBC may be able to get it done.
That is a toughy, and I wouldn't wait much longer before checking into it...
Best of luck!
But, there is very few lenders left for doublewides so you better act quickly. If you use a broker, CWBC may be able to get it done.
That is a toughy, and I wouldn't wait much longer before checking into it...
Best of luck!