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2006 Mobile Home on Foundation Can it be used as Collateral for a Home Repair Loan

Posted on: 10th Oct, 2019 06:49 pm
My 2006 Mobile Home, a 3 BR, 2 bath, den/dining room combination with a Rock Fireplace (Propane Gas), living room, Kitchen and Laundry Room needs approximately $10,000.00 in repairs. The home sits on 3/4 acre of land and there isn't a mortgage on it or the land. The tax value is $75,000.00. Could I use it as collateral to obtain that loan?

payoff and signing home over to a child

Posted on: 22nd Feb, 2014 09:45 am
I would like to know if my mother pays off her home (she is and elderly lady), come she sign it over to me (she has 8 other children). What rights do I have and is this possible for her to do once the house is paid?
What rights?? I am not sure you have any rights - your mom is the decision maker on this she can leave the home to you or anyone for that matter. To pay it off and sign it over to you could come with some tax consequences so check with a tax person locally before doing anything. It may be as simple as a quit claim deed but your state probably has a way to transfer within family so that the tax problems are less or not at all. Each state is different so you need to find out what your local laws are.

Brian Barnes
ENG Lending
Nationwide Lender
Posted on: 24th Feb, 2014 09:14 am

Loan Depot

Posted on: 13th Feb, 2014 06:14 am
I just finished my refi with loan Depot. I have no real complaints about the company, its brokers, or loan officers. I will admit, at first and throughout the process, I thought I was being scheistered. It seemed too good to be true at first, but, I'm a very untrusting person. did get a points discount and my home appraised for more than I thought it would. They would call me a couple times a week and let me know where we were in the process. Everything was emailed a sent overnight to me. We used a local closing company and notary. I got the interest rate and number of years I wanted, considering my credit score was just ok. All in all, I'm happy with the experience. They just paid my Wells Fargo loan off in the last couple of days. Hopefully, this helps. Good luck.
Folks are concerned with using sources that they cannot meet face to face - it is not uncommon for me to never see a client - even local - these days with email and fax we do loans anywhere in the US without issue -Glad to hear they worked out for you -

Brian Barnes
ENG lending
Nationwide Lender
Posted on: 13th Feb, 2014 10:33 am

Getting pressure from LD

Posted on: 24th Jan, 2014 11:13 am
Was told by a nice young man at LD they could help us, and am getting a lot of pressure, we can afford another mistake with a mortgage company, who can we trust?
I'm sorry we can't afford another mistake with our mortgage, we have had so much torment with the one company and then sold to another bunch in Jan. and they are worst than the one we had. Please is any of these companies worth dealing with or all crooks!
Posted on: 24th Jan, 2014 11:17 am
Welcome JS,

If you are facing problems in paying off your mortgage, then you should get in touch with your present lender and try to get some payment relief options. It will be better to avoid taking help from any third party.
Posted on: 26th Jan, 2014 07:49 pm

Quicken Loans

Posted on: 21st Nov, 2013 12:12 pm
I had a terrible experience with Quicken Loans. The same terrible tactics that others have shared. Took forever with having to send documents/information. The loan processing took so long that I was concerned about the lock rate. I was told it would be extended but it was changed at the last minute at closing. They have terrible tactics--I would not ever recommend them.
Thanks for sharing your personal experience with them. I am sure it will help a number of other forum members to take a decision regarding Quicken loans.
Posted on: 21st Nov, 2013 07:26 pm
Unfortunate you had an unpleasant experience.

Better luck next time
Posted on: 22nd Nov, 2013 09:28 am

Quicken Loan Harp Mortgage

Posted on: 18th Nov, 2013 02:54 pm
I responded to a Quicken Loan flyer just to find out if I could better a 6.25%/30 year, no PMI, no point mortgage I got in late 2007 before the financial crunch. As it turned out, I was eligible for a HARP loan with those same conditions at 4.125%/20 year in 2013. I did not pay out anything until closing, and I financed the closing costs, as I insisted no money out of pocket. It was a done deal within 60 days. The HARP is a government sponsored, no qualifying loan, which made things go a lot smoother. The main concern seemed to be that I made my mortgage payments on time and a good, not great credit score. No problems with Quicken Loans.
Hi Donald!

Welcome to the forums!

Thanks for sharing this positive feedback about Quicken Loans. In order to improve your credit scores, you can take a look at the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html .

Feel free to ask if you've further queries.

Sussane
Posted on: 18th Nov, 2013 07:18 pm

Time to look for another lender??

Posted on: 17th Sep, 2013 12:52 pm
We started the mortgage process about 3 months ago. My husband and I want to buy a home for $250K. We've been stuck in "quality control" with a company called Carrington Mortgage for a while now. We were supposed to close on the 6th and ever since there it been one reason or another for not making it to the closing table. I am fairly confident that they can't get it done, though I'm not really sure why.

I'll tell you all the warts.

1. We have a combined score of 630
2. We have an income of around $130K - $140K
3. I have a foreclosure, sort of, however the FHA Atlanta home office has approved an FHA loan.
4. We have 3.5% down.
5. We have already written a contract, actually, we're already in the house (this might be the scariest part of all)
6. The FHA appraisal has appraised the house already at $5K above sale price
7. We have high credit card utilizations

So, should we start looking for another lender? Stick it out until we get a firm denial or approval? And if so, how long should we wait (we have to pay $50/day to be in the house)
Hi britishbatty,

With the details that you have provided, it will be easier for you to get a FHA loan. As your present lender is not providing you with a loan, you may contact other lenders for the loan.

Thanks
Posted on: 17th Sep, 2013 07:44 pm
Hi britishbatty!

Welcome to the forums!

This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out whether or not you will qualify for a loan.

Feel free to ask if you've further queries.

Sussane
Posted on: 18th Sep, 2013 08:34 pm
It wont hurt or cost you anything to have another lender consider and process a loan for you. I would certainly get in touch with someone else as a back up
Posted on: 26th Sep, 2013 12:44 pm

re-finance

Posted on: 11th Jun, 2013 04:31 pm
Is it advisable to re-finance with only 10 years left of a mortgage? Isn't most of my interest paid off by now?
welcome greeneyes,

10 years is a long period of time. the mortgage interest rates are quite low. thus, it won't be a bad option to refinance the loan provided you decide to stay in the property for 3-4 years.
Posted on: 11th Jun, 2013 07:40 pm
Yes, this is a good time to refinance. However, you must get the break-even point before refinancing your mortgage.
Posted on: 12th Jun, 2013 06:00 am
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