I own a 1999 Mobile home. I am asking someone to resume the payments. I still owe 44,000 on the mobile home. It has been on the market for about 4 months with no possibles. I have sought the help of House Buyers. They come in and take over your payments but the mortgage stays in your name. Can I purchase another home with this hanging over my head and/or is this a good thing? :confused:

Basically what you would be doing is a land contract if someone came in and took over the payments on the mortgage. This would not be a good thing for you as the home would have to be under a land contract that was recorded with the county and proof shown to the lender you are applying for a new loan. If that was the case, then you could get a new loan. If the land contract was not recorded you will have a very hard time convincing the lender you are worthy of a new loan.

I work for a manufactured home dealer/installer and we help people get financing on new manufactured homes and if the above stipulations are not met, the lender will definitely reject their application. And yes, the lender does check with the county to see if the contract has been recorded so you can't just "say" it is and it isn't recorded.

I have no idea who House Buyers are but they too would have to have a signed land contract that would need recorded with the county like anyone else would.

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Originally Posted by twinkiedooter

Basically what you would be doing is a land contract if someone came in and took over the payments on the mortgage. This would not be a good thing for you as the home would have to be under a land contract that was recorded with the county and proof shown to the lender you are applying for a new loan. If that was the case, then you could get a new loan. If the land contract was not recorded you will have a very hard time convincing the lender you are worthy of a new loan.

I work for a manufactured home dealer/installer and we help people get financing on new manufactured homes and if the above stipulations are not met, the lender will definitely reject their application. And yes, the lender does check with the county to see if the contract has been recorded so you can't just "say" it is and it isn't recorded.

I have no idea who House Buyers are but they too would have to have a signed land contract that would need recorded with the county like anyone else would.

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I have not agreed to do so yet. She said it would be basically like us going before a lawyer and doing everything legal. I do not know what to do because I do not want this to come back to bite me in the end. But being realistic 44,000 for a 1998 mobil home. I will weigh my options. So you have heard of this being done before?

House buyers, larger company that buys with normally no money down on a contract for deed, there idea is to either rent and/or fix up an sell property.

They take little risk, since they can back out of the deal at any point and you still owe the money.

Good things.
They normally pay and you get out from under

Bad.
They are not going to pay a lot more than it s worth

If they are late on a payment, it hurts you , not them

You are still liable for the loan.

It shows up on creidt report that you owe debt, so you debt to income ratio shows this, making it harder to borrow any more money