Posts Tagged ‘Mobile’

Bad Credit Mobile Home Loans and Mortgages – You can still financing?

November 28th, 2010

If you’ve got bad credit, you might think it is impossible to own your own home. On the contrary, there are programs for individuals with poor credit. This is especially true when it comes to mobile home loans and mortgages. You will find that if your credit score is lower than the mid 600′s, it will be difficult for you to obtain any kind of home loan, even one for a mobile home. However, it is not impossible. You might have to hunt for lenders willing to help you and put up with a high interest rate. For people who are determined to own their own home, high interest rates can be worth the price.

When you obtain a bad credit loan for a mobile home, you need to make sure you make all your payments on time. This will improve your credit and reduce your risk of losing your home to repossession. Then when your credit gets better, it will be easier for you to refinance to a lower interest rate. Bad credit is considered anything under 600 and may feature judgments, bankruptcies and unpaid debts. If you are concerned that your credit will stand in the way of owning a home, it might be a good idea to review your credit report and fix any outstanding problems.

The three main credit bureaus are Experian, Transunion and Equifax. For a reasonable fee, you can order copies of your credit reports and credit score. This way, you know exactly what your score is and what items on your credit report may pose a problem when it comes to obtaining a mobile home loan.

It is also important to check your credit report for errors and write to the credit bureaus if you find errors. The cleaner your credit, the better type of loan will be able to get. With a little effort, you can fix your credit so that you can obtain a mortgage loan with a decent interest rate. It may not take as long as you might think to improve your credit to the point where you can get the loan you want at a price you can afford.

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Posted in Home Loans Articles

Tags: Credit Financing Mobile Mortgages

Mobile Home Loan Default – seizure or confiscation?

November 27th, 2010

Scenario:

My mother has taken a mobile home loan for a property in Florida. She has another home in South Carolina. Her husband has passed away last summer and for the past 3 months she hasn’t been able to afford the payments. What will happen if she’s unable to pay off the mobile home loan and allows the home to be repossessed? What’s the difference between a repossession and foreclosure? Can the mortgage company put a lien on the other house? What if she sells the other house first? Can they go after the proceeds? Can the company go after her social security money and retirement savings?

Solution:

If the mobile home is a personal property bought from a dealer, and the owner is unable to pay off the mobile home loan (personal property loan), then the dealer (or creditor) will simply repossess property. Repossession means that the creditor will take over the ownership and sell off the home at a public auction.

If the sale price isn’t enough to cover the unpaid debt, then the mobile home owner has to pay it off as he owes the debt. Now, in the situation stated above, your mother has taken out a mobile home mortgage loan and not a personal property loan. So, the home will not be repossessed, rather it will be foreclosed if she is unable to pay off the mobile home loan and doesn’t qualify for a workout plan.

Since your mother couldn’t pay for the past 3 months, therefore she should have a straight talk with the mortgage company. I suppose the company hasn’t contacted her yet with a Notice of Default, so there’s still some time left for her to send a hardship letter and request for an alternative payment plan.

However, if your mother gets a Notice of Default and fails to repay the dues within the specified time period, then company may declare a foreclosure. If your mother fails to negotiate with the company for a workout plan, then the latter will sell off the mobile home through foreclosure sale. And, if the company is not able to recover enough proceeds from the sale, then it may ask for payment of the deficiency amount.

If your mother fails to pay the deficiency amount, the company may file a deficiency judgment and get an order issued by the court. If she still doesn’t pay it or is unable to pay it, then a lien may be placed on the property in South Carolina (SC). But in order to place this lien, the mortgage company will have to seek a sister-judgment. This means that the company will try to get a judgment in SC based on the Florida judgment even though it may not have a license in SC.

If your mother sells the SC property first, there’s a chance that the mortgage company may come after the proceeds provided the latter receives the sister-judgment from that state. The mortgage company cannot place a Bet Social Security Mom (SS) as SS check is protected from such liens. As far as retirement savings, the mortgage company can ask your mom to liquidate the savings to repay the loan, but it depends on the laws of the state of Florida.

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Posted in Home Loans Articles

Tags: confiscation Default Mobile seizure

Rejected For Mobile Home Financing? Now approved

November 21st, 2010

Looking forward to buying a new mobile home? So, you thought getting a loan would be easy. Yes, but maybe only until your loan request faces rejection from traditional financing firms. Frustration mounts when this becomes a norm with one lender after another refusing you. If you are in such a situation, you could find help in the form of online mobile home financing services.

In the earlier times, these trailer homes were not considered to be any more than automobiles which also followed the regular automobile like depreciation. Not so anymore! Improved design features like premium and sturdier flooring, windows and doors, and also a house-like thick wall construction has made them more durable and long lasting and proper maintenance and upkeep will ensure that these vehicles will last for years. So, in the present scenario, online lenders have started considering this to be an investment of sorts. Hence today many more lenders than before would be willing to offer you a loan for your mobile home. It can take the form of bad credit secured loans or unsecured loans.

Online loans – Ease and simplicity:

Usually these online secured personal loans can be acquired through their secure websites. A simple link to the application will take you there and you can fill out your financial details and mentions of references. Once this is done, it may be as early as 24 hours when you receive confirmation of your loans getting approved

Here you’ll have the option of your either having the lender paying the dealer or conducting this entire transaction via your bank account – the second option will place you in a better position as far as bargaining with the dealer is concerned. The time span options for repayment of secured personal loans may vary from seven years to even thirty years!

Be careful with the warranties:

Be extra careful about the warranties that these lenders offer. The warranty can either be an add-on or be included in the total price of the home. A wise thing to do would be to opt for a warranty plan that puts least financial burden on you for defects that occur in the subsequent five to ten years of the purchase. Ideally, a warranty should provide cover for manufacturing defects for a up to a period of fifteen years.

There may be some features like a central AC unit, refrigerator or a washer/dryer, just to name a few that may not be included, so these changes/installations may be needed to be kept in mind. Also, ensure that the cost of moving of and setting of your mobile home is included in the price.

Thought of tax?

In some states, the land where you’ll be placing your mobile home, if owned by you, would be titled as real property upon setting it upon a foundation. In such a case, you’ll be liable to pay real estate tax which will be deducted from your income tax. But you need to find out whether this is actually the case, because if your state does not consider this country to be "property" shall be taxable under the "personal property" of the head.

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Posted in Home Loans Articles

Tags: Approved Financing Mobile Rejected

Home Equity Loan Mobile Home – Getting Money to Help is Easy!

September 8th, 2010

Do you own your mobile home and you want to use it to get money for something? Are you looking to refinance your mobile home for cash for any reason at all? There are ways to get a home equity loan on a mobile home without much trouble at all if you know where to look. Here are some tips to help the process go smoother.

First, if you have great or even just good credit you need to start with your bank. Even though not all banks do loans on mobile homes you should always start with your bank because if they do, then they will give you the best rate and the convenience of paying your payments where you bank. They will make sure you are taken care of.

Second, if your bank cannot do a home equity loan on mobile home, then you have another option and that is the company that currently holds your mortgage. This could be one of many different types of lenders, but it is much easier to get lower fees and a lower rate if you try to get a home equity loan on mobile home through the company you already pay.

Last, if these two options fail do not get discouraged because there is still another option. There are non conventional lenders out there that specialize in harder loans like those for mobile homes. You just have to seek one of these companies out and find out if they can help you. The good thing is they have lower standards and You can approve easier.

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Posted in Home Loans Articles

Tags: Equity Getting Mobile

Top 5 Reasons to Refinance Your Mobile Home Loan

July 14th, 2010

There are almost as many reasons to refinance your mobile home loan as there are people applying for the loans. However, here are the five most common reasons for refinancing.

1. You want to lower your interest rate

Loan rates have been going down for several years. If you have had your loan for several years, you may be paying at a higher interest rate. Also, if your credit rating has improved, you may now qualify for a lower rate than when you originally took out your loan.

2. You want to lower your monthly payment

There are a couple of ways you can qualify for a lower monthly payment: (A) By getting a lower interest rate, your monthly payment will go down. (B) If you extend the length of your loan when you refinance, you generally will decrease you monthly payment more than just lowering the interest rates alone.

3. You want to reduce your overall loan amount

If you lower you interest rates, but keep the length of the loan the same, you will reduce the amount that you pay back. Sometimes, this is more important than just reducing the monthly payment.

4. You want to make home improvements

Sometimes you want to make improvement to your home or land and you are looking for a method to pay for the improvements. By using your mobile home as collateral, you can get the money you need to make the necessary improvements.

5. You want to get money to pay off high interest credit cards

Similar to making home improvements, you can use the collateral in your home to get money to use for any reason you can think of. However, before you use this option, please be reminded that you are putting your home up, and if you overextend yourself, you could lose your home in the process.

There may be other reasons to refinance your mobile home loan. But whatever your reason, you should be able to obtain a favorable loan rate to accomplish your dreams.