Need advice on options
Need advice on options
I bought a mobile home on 2. 79 acres of land at fixed 7.25 interest rate on FHA loan.
1.09 acres of that 2.79 is being purchase on contract by another person who has her mobile home currently located on it and is not due to have it paid off for another 9 years.
In trying to refinance my mortgage, I tried to get a partial release with the current mortgage company at the time but was told I would have to make a one time payment of $16,000 or have paid down my mortgage by $16,000. Neither of which is an option for me.
I am having trouble making payments each month because the payments are higher than when I started out 8 years ago.
Can I refinance without a partial release?
Can I sell my home and land minus the 1.09 land that is on contract?
Do I have any options?
2 Answers
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Let me see if I am understand -
You bought all of this land with 1 home?
allowed someone else to move a home and sold her part of your lot on contract
The bank wants 16k to release that part, which seems fair since they are losing a part of the collaroral
My gut says you are going to have trouble because of that seconde home being there -
Brian Barnes
Nationwide Mortgages
Brian@Aimwithfocus.com
1
I understand them wanting $16,000 - that's how much I've sold the land on contract for and yes, I think that's fair. What I don't understand is why I can't refinance on my mortgage. The contracted land is still mine until paid for so if I'm defaulting on my mortgage, they would get the land - I would be the one under contract to reimburse the buyer what she's invested.
So, if I can't refinance because of the contracted buyer's home on that lot, is it possible to sell my home and land (minus the 1.09 acres on contract)?