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amzingrl · Jul 13, 2007, 03:26 AM

Need to get out of home mortgage now into another better home

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I am stuck in a mortgage for a mobile home that we want out of. We will been in this mh for a yr in Aug and we are desperate to find a larger "real" brick home with some land. The mh sits in a mobile home community, we have to pay lot rent, and are extremely upset! This is our first time buying a "house" so we have no knowledge and are young on buying a home. If we would have known we'd been approved we probably would have waited and looked for a real house!
Here's my dilema, we are wanting to get out of this mortgage and trailer and get into a house we have found and we love to buy. Our credit score is below poor so I can't see anyone giving us the benefit of a doubt. We do not have any money for down payment on a new house.
We even thought of just trying to get out of this one to go back to renting for a while because of the stress we are under living here.
Can anyone help me? I feel embarrassed and stupid for asking but we are desperate. I am disabled and not able to do much, but I'm the one this family is relying on to get us out of this mobile home and into a house that my children can have a bigger room and a backyard to play in!
Please, any suggestions or advice.

RichardBondMan · Jul 13, 2007, 05:25 AM

Originally Posted by amzingrl

need to get out of home mortgage now into another better home

--------------------------------------------------------------------------------

I am stuck in a mortgage for a mobile home that we want out of. We will been in this mh for a yr in Aug and we are desperate to find a larger "real" brick home with some land. The mh sits in a mobile home community, we have to pay lot rent, and are extremely upset!! This is our first time buying a "house" so we have no knowledge and are young on buying a home. If we would have known we'd been approved we probably would have waited and looked for a real house!
Here's my dilema, we are wanting to get out of this mortgage and trailer and get into a house we have found and we love to buy. Our credit score is below poor so I can't see anyone giving us the benefit of a doubt. we do not have any money for down payment on a new house.
We even thought of just trying to get out of this one to go back to renting for a while because of the stress we are under living here.
Can anyone help me?? I feel embarassed and stupid for asking but we are desperate. I am disabled and not able to do much, but I'm the one this family is relying on to get us out of this mobile home and into a house that my children can have a bigger room and a backyard to play in!!
Please, any suggestions or advice.

First you need to qualify for a mortgage, then look for a home. Start by either visiting a real estate agent to discuss your needs, credit etc or go online to search for a mortgage or call local mortgage lenders - most of the lenders will be in other parts of the US unless you happen to live in or close to a very large city and then not all major lenders will be located near your home but elsewhere in the US. I think it best to find an real estate agent first and let them guide you. The agent will then assist finding a suitable home that matches what you qualify for.

Squiffy · Jul 13, 2007, 05:33 AM

If you have bad credit you are unlikely to get another mortgage. I would think the best thing is to rent a better home until you are in a better position.

Dr D · Jul 13, 2007, 08:15 AM

What you have is a personal loan secured by your MH, not a mortgage. The first step is to get out from under the MH loan by selling the MH. Check with the lender to see if they will allow another to fully assume your loan, relieving you of any reponsibility. If the lender won't allow this, any buyer will have to secure their own financing, or pay cash. Second, you have to find out exactly what is wrong with your credit, and fix it. This will require time, money, and effort on your part, but it can be done. Once your credit is up to snuff, there are mortgages available with down payment assistance, or zero down, but they all require satisfactory credit, and enough stable income to support the payment. If you are unable, or unwilling to do this, plan on renting for a long time. It may not be what you want to hear, but it is the straight skinny.

alkalineangel · Jul 13, 2007, 08:24 AM

I also agree to sell the Mobile Home. I think with nothing down and poor credit, you will have a tough time getting a mortgage. But in all honesty, in my opinion renting a "real home" is better than a mobile home. This will also give you a comfortable place to live until you can build your credit up. Good luck.

jasonpeace · Jul 17, 2007, 05:37 AM

Don't get a mobile home, its value depreciates every year, even you add value on it(build more rooms), it still won't be worth any more.

DianeV Sr Loan Officer · Jul 17, 2007, 04:41 PM

Originally Posted by amzingrl

need to get out of home mortgage now into another better home

--------------------------------------------------------------------------------

I am stuck in a mortgage for a mobile home that we want out of. We will been in this mh for a yr in Aug and we are desperate to find a larger "real" brick home with some land. The mh sits in a mobile home community, we have to pay lot rent, and are extremely upset!! This is our first time buying a "house" so we have no knowledge and are young on buying a home. If we would have known we'd been approved we probably would have waited and looked for a real house!
Here's my dilema, we are wanting to get out of this mortgage and trailer and get into a house we have found and we love to buy. Our credit score is below poor so I can't see anyone giving us the benefit of a doubt. we do not have any money for down payment on a new house.
We even thought of just trying to get out of this one to go back to renting for a while because of the stress we are under living here.
Can anyone help me?? I feel embarassed and stupid for asking but we are desperate. I am disabled and not able to do much, but I'm the one this family is relying on to get us out of this mobile home and into a house that my children can have a bigger room and a backyard to play in!!
Please, any suggestions or advice.

Another option would be to rent out the mobile home, if the rules of the park allow that and rent another place for yourself.

You need to get your credit in order before going any deeper in debt.

Fr_Chuck · Jul 17, 2007, 04:48 PM

First of course there is nothing wrong with a mobile home, here in TN people live in them by the 1000's.

The issue is, you bought it, you own it. And unless you can sell it, or rent it out as noted you are stuck. You pay for it for a while, keep it fixed up, and when possible sell it, and then have better credit to be able to buy a home