I sold my home of 32 years in 2000 and bought a small mobile home as a temporary residence. Then I lost my income and spent all the money from the house to keep my bills current. I got into trouble with the credit card companies after I stopped paying them. I have credit card accounts in collections and a couple judgements too.
The 2 cards I still use are paid on time as well as everything else.
Lot rent is climbing every year and I have found a small home 200 miles south of Chicago. I've tried getting a mortgage with every company on the internet. Even though my scores are in the mid 600's I can't get the $39,000 I need. But, if I do, I know some lawyer will put a lien on it for the judgement.

I receive a check every month from social security but it won't keep up with the annual increses in lot rent. A complete mortgage (PITI) would be less than the $460 we now pay for rent. We own the trailer.

My question is how can I get a mortgage and protect the property from lawyers. I'll be 65 in a couple of months so I'm not considering trying to pay all the people I owe.

Joe

Have you tried a mortgage broker? They usually know a company who would help and will shop around for you. Good luck.

I have spoken to a few. They call to get my info, I explain the situation and I don't hear from them anymore. One sent me some info with my scores and another, after that, told me they were higher. So they are going up. I was trying to get a mortgage and money to repair and update. That made the loan almost impossible. Acutally, I found a different property that needs no repair. A double wide mobile home on it's own lot and 4 car garage. It's in a town of 5,000 and near a large popular lake, with camp grounds. Only $39,000:confused:

Try to see te the Owner of the property will hold the mortgage for you? Tis would be a option if they are agreeable.

Have you tried a small hometown bank? Sometimes they will lend credit in these situations.

When discussing the problem with the real estate person in the town, she indicating a few people were trying to get a mortgage for the property but all had problems because it was a mobile home. I know people who have mobile homes valued at $500,000. I suppose the banks haven't caught up yet. I saw a program on TV a few weeks ago about Mobile Homes out west selling in the Millions.

Im not really sure what you are trying to get the mortgage for but regardless of your credit score & DTI, you have a mobile home... lenders don't want to lend money secured by a mobile home because well... its mobile!

What are you trying to get the mortgage for? Are you trying to refinance for a lower monthly payment? Or do you own it outright and need help affording the lot payment?

I can't give legal advice because I am not a lawyer... but I would just forget the lawyers, the judgments and the credit cards and live on. You already have the home, you are on a fixed income.. there really isn't anything they can do to you unless you have a big savings account somewhere that they know about.

If you are doing this for extra cash to pay the lot rent, good luck. It will be very difficult. Try to find a special lender that works with mobile homes (if they even still exist). Other than that, you need to either find another way to make some money or find another place to rent your lot.

Quote:

---

Originally Posted by bajajoeginny

When discussing the problem with the real estate person in the town, she indicating a few people were trying to get a mortgage for the property but all had problems because it was a mobile home. I know people who have mobile homes valued at $500,000. I suppose the banks haven't caught up yet. I saw a program on TV a few weeks ago about Mobile Homes out west selling in the Millions.

---

How much they are worth isn't the issue here... it's that too many people have taken out HUGE mortgages then drove their mobile home down to Mexico never to return.

Why would a bank want to take the chance?

May I ask where you are? If you are in "tornado alley" here in the States it can be hard because I believe they base it on insurance eligability. I live in Tennessee and it can be difficult to get a mortgage on a mobile home due to weather and the fact that some of them depreciate instead of appreciate.

I'm selling this $2500 home and trying to buy another with the land it's on. There will be no lot rent; just $550 annual r.e.tax.

Have you gotten a loan for the land?

The mobile home, garage, and land are all for sale in one package. The same as if you bought a house, except it's a mobile home. (double wide, 60 ft. long.) Asking price $39,000
A friend bought a double wide in Key Largo, Fl. About 9 years ago for $100,000. I checked today and it's worth $500,000. Most depreciate but real estate in recent years has gotten ridiculous. Empty lots in this area are selling for $160,000. (2 blocks out of Chicago)

I would assume that most lenders would be looking at the size of the land... that is the only thing that is secure. I don't know what th real estate is like out there but $39K for the whoel package doesn't make it sound like there is a lot of land underneath that mobile home.

I will do some research tomorrow and see if I can't find a lender that still works with mobile homes. If I can, I will PM you tomorrow.

I work in the financial solutions industry and we work really closely with our mortgage specialists. We don't even consider someone that has a mobile home if they are trying to refi or anything, which is why I don't know if there are any out there. If there were, we would likely be partnered with them already.

But I'll give it a shot... be sure to check back or check your email, it will say if you have gotten a PM

The lot is 60 X 140. There are many homes over 100 years old that are selling under 75,000 in this area. Most, if not all sold last year. If you think you can help, I'll send a link from the real estate on the property. They have a few nice pix.

With several accounts in collections, I am surprised your credit scores are as high as they are.

You may need to sell your current mobile home before you have enough money to make an adequate down payment for the new mobile home. But if you sell it, then I bet the money gets attached by all the other people you owe money to.

At least on paper, you just don't sound like a good risk.

My only thought is that mobile homes depreciate in value much like cars, where homes built on foundations appreciate in value.

I agree. I bought a house for $32,000 and sold for $163,000. My son bought his for $96,000 and refused an offer of $225,000. The buyer (a contractor) will demolish it and build $450,000 homes.
When you pay $2250 for a mobile home, it can't depreciate much. What I'm looking to buy includes the land, a nice 4 car garage (which I will rent part) and the mobile home. (I sold my land in Mexico, so I won't be taking it down there.)
This is a popular fishing--camping area which we used in the 1970's. THIS SAME TOWN HAS HOMES OVER 100 YEARS OLD SELLING FROM $30,000 TO $75,000. Cars DEPRECIATING? A FRIEND REFUSED $25,000 OFFER FOR HIS 1957 cHEVY. HIS FATHER PAID $2200.

A few weeks back, I saw a program on TV about $1,000,000 + mobile homes.
A friend bought a dbl wide in Key Largo about 10 years ago for $100,000. Now it's appraised for over $500,000. That's not depreciation. Maybe mine is worth $25,000 now. LOL WWW.ZILLOW.COM

I just run my credit check on EQUIFAX. It's 27 pages long and mostly good.