Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-28-2010, 09:19 PM
 
Location: SW Missouri
15,853 posts, read 34,999,650 times
Reputation: 22693

Advertisements

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
Reply With Quote Quick reply to this message

 
Old 06-28-2010, 11:31 PM
 
48,505 posts, read 96,483,446 times
Reputation: 18301
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.
Reply With Quote Quick reply to this message
 
Old 06-29-2010, 09:44 AM
 
Location: Niceville, FL
13,255 posts, read 22,650,364 times
Reputation: 16392
And even with stick-built homes, no one is giving out anywhere close to the roughly 100% loan-to-value you seem to be looking for.
Reply With Quote Quick reply to this message
 
Old 06-29-2010, 01:33 PM
 
15,630 posts, read 26,107,949 times
Reputation: 30902
Quote:
Originally Posted by 20yrsinBranson View Post
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.
Reply With Quote Quick reply to this message
 
Old 06-30-2010, 10:55 AM
 
3,695 posts, read 11,334,399 times
Reputation: 2651
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.
Reply With Quote Quick reply to this message
 
Old 06-30-2010, 04:50 PM
 
Location: SW Missouri
15,853 posts, read 34,999,650 times
Reputation: 22693
Quote:
Originally Posted by sean98125 View Post
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.

20yrsinBranson
Reply With Quote Quick reply to this message
 
Old 06-30-2010, 08:10 PM
 
15,630 posts, read 26,107,949 times
Reputation: 30902
Quote:
Originally Posted by 20yrsinBranson View Post
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.....
Reply With Quote Quick reply to this message
 
Old 07-01-2010, 12:54 AM
 
2,036 posts, read 4,228,290 times
Reputation: 3201
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.
Reply With Quote Quick reply to this message
 
Old 07-01-2010, 09:33 AM
 
9,803 posts, read 16,106,330 times
Reputation: 8265
Quote:
Originally Posted by Spraynard Kruger View Post
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.

gotta agree

Sell it and pay off your debts
Reply With Quote Quick reply to this message
 
Old 07-01-2010, 04:41 PM
 
Location: SW Missouri
15,853 posts, read 34,999,650 times
Reputation: 22693
Quote:
Originally Posted by Spraynard Kruger View Post
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
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top