[jafernandez]

Paying 11.25 apr on mobile home for 15 years and have tried to lower my apr rate but mortgage company states that I have to default three months and maybe they could help. We are now on fixed income as we are 78 and 77 years old and can not afford payments. What will happen if we just let mobile home go. We live in Texas. Can you help?

[talaniman]

The mortgage company will sue you for whatever you owe, but you may have better luck with other lending or refinancing institutions. Reverse mortgage maybe?

[ma0641]

Have you tried a new mortgage or refi? Try Lending Tree. How much equity? Unfortunately, MH's are not considered an appreciating asset like a regular house, they are more like a car with new model years.

[Fr_Chuck]

Is the loan tied to the land or just to the mobile home ?

Mobile homes are often not considered real estate and it is not actually a mortgage but merely a loan. Also, no, the current lender often does not help you. But if you have credit, you get new loan from local back, other lenders at a lower rate.

I would guess, you have poor credit, did a low down payment and the mobile home dealer arranged the loan??

But not paying is about the worst thing.

They can sue, get a judgement, if you have money in the bank, perhaps attach that money.