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My dh and I have a very nice manufactured home that is paid for- along with the lot it sits on and the vacant lot next door. We have a little consumer debt that we would like to knock out and would LOVE to get a home equity loan to do it. But I just cannot, for the life of me, find any LENDER who will do this for a manufactured home.
I am sure the house would appraise for AT LEAST $52,000 and we are only looking to get $49,900, which is what we have in the house to begin with.
Does ANYBODY out there know of a company that will work with us on this?
From what I understand the equity in a manufactured home actaully deprecaites so much its like getting a loan on a car mostly. Then no one wants to really touch it because they don't want it in case of default.
My dh and I have a very nice manufactured home that is paid for- along with the lot it sits on and the vacant lot next door. We have a little consumer debt that we would like to knock out and would LOVE to get a home equity loan to do it. But I just cannot, for the life of me, find any LENDER who will do this for a manufactured home.
I am sure the house would appraise for AT LEAST $52,000 and we are only looking to get $49,900, which is what we have in the house to begin with.
Does ANYBODY out there know of a company that will work with us on this?
TIA
20yrsinBranson
If this is a real home that was manufactured and not a trailer home, your Loan to Value is WAY too high. If it's a trailer home you put down into a foundation, you're out of luck. Those are like cars.
If your house could appraise for 52000, most places are doing 70% LTVs, so you'd be looking at around 36,400. And without an real time appraisal, there's no way to know what your home is really worth -- some areas it's dropping weekly by double digit percentage points.
The home is worth nothing as far as your mortgage company is concerned. You could borrow the money, hook it up and tow it away. The only thing of value that you'd probably have in their eyes is the land that the home is sitting on.
And it's not a good idea to put your credit card debt up against your home. If things get bad you can always walk away from your credit cards but you don't want to lose your home because you couldn't pay off the clothes you bought at Walmart last fall.
The home is worth nothing as far as your mortgage company is concerned. You could borrow the money, hook it up and tow it away. The only thing of value that you'd probably have in their eyes is the land that the home is sitting on.
And it's not a good idea to put your credit card debt up against your home. If things get bad you can always walk away from your credit cards but you don't want to lose your home because you couldn't pay off the clothes you bought at Walmart last fall.
Actually, my consumer debt is due to my taking real estate courses and starting my own business which, unfortunately, was a little badly timed. LOL, which is an understatement.
And I cannot "tow it away" because it has a permanent foundation and no longer has any equipment that would make it mobile (no axles, no tires, no tongue). It is considered "real estate" by my local county tax assesser, not personal property. There is no title, just a deed, which includes the house, not just the land. I cannot sell the lot separately because it has been assessed with the dwelling on it.
Oh, and it is not my primary residence. It is a rental property.
Actually, my consumer debt is due to my taking real estate courses and starting my own business which, unfortunately, was a little badly timed. LOL, which is an understatement.
And I cannot "tow it away" because it has a permanent foundation and no longer has any equipment that would make it mobile (no axles, no tires, no tongue). It is considered "real estate" by my local county tax assesser, not personal property. There is no title, just a deed, which includes the house, not just the land. I cannot sell the lot separately because it has been assessed with the dwelling on it.
Oh, and it is not my primary residence. It is a rental property.
20yrsinBranson
Rental property? The LTV is even higher for non owner occupied.....
It sounds like the investment property is a great cash cow and your personal debt is kicking over the pail of milk it makes every month.
Why not sell the place and wipe out the debt? After all, that's one of the reasons why you invested in a rental property in the first place. It doesn't make any sense to leverage the investment property to knock out debt...only to be in debt again to the cow that is now a monkey on your back.
It sounds like the investment property is a great cash cow and your personal debt is kicking over the pail of milk it makes every month.
Why not sell the place and wipe out the debt? After all, that's one of the reasons why you invested in a rental property in the first place. It doesn't make any sense to leverage the investment property to knock out debt...only to be in debt again to the cow that is now a monkey on your back.
It sounds like the investment property is a great cash cow and your personal debt is kicking over the pail of milk it makes every month.
Why not sell the place and wipe out the debt? After all, that's one of the reasons why you invested in a rental property in the first place. It doesn't make any sense to leverage the investment property to knock out debt...only to be in debt again to the cow that is now a monkey on your back.
We've had it on the market off and on since December of 2008. The only people who are intersted are the ones who have no money. They want to put $1,000 down and "rent to own". I'd gladly sell it if I could.
20yrsinBranson
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