Posted on: 16th Feb, 2006 03:49 am
:shock: hello. I am in marana arizona. I have a loan on my land/mobile home with a private person. she paid my mortgage off in full and I worked for her. I made 3 payments then she took my mortgage off my paychecks each month for about 8 months. well heres the problem. she filed paperwork to foreclose on my hom saying I owed the entire 8 months. I got a lawyer and stopped it. however this woman is still the owner of my land/home. I have been having the worst time just trying to find a mortgage to pay her off and have my peace of mind, and normalcy around here. my wife and I both have good income, she at american airlines, I am disabled- our monthly income is about 3500.00 verifable. my credit score is 578 hers is 560. we have no foreclosures, repossessions, judgements. she pays child support and our insurance out of her paycheck and works a second and third part time job to make extra money. we have lived here since 2003. I bought the land in 1999 and we moved a 1996 mobile home onto it in 2003, we built a 8k fence around the entire 4.12 acre property and I built an additional shop for 22k next door. I had an appraisal done in december that came in at 145k for the entire home/land/shop/everything. my loan is only 105k well within a doable loan. the mobile is anchored onto a concrete pad the entire size of the mobile home, and footers were dug and brick/block skirting was installed around the home- the home cannot be moved without destroying it. we live here with our 13 year old son and because I was the first person to move out here and develope my parcel I put in the road/utility easement- well I went to the county and got the road named after my family- so the three of us live on "WAITE ROAD" it is actually legally named after us/my family. now we are facing this woman who will not tell anyone on my behalf that I made my payments on time, and/or worked them off for her. because I can`t prove that one stoopid thing I am facing not being able to get a loan and losing my families home. someone please tell me that there is something I can do to save my house/land. this is all we have right now and with me being disabled it is REALLY all we have. there has got to be a way to get a loan and save this house. again my loan is for 105k and the appraisal was 145k. my interest rate is 7% and my monthly payments are 635 without taxes and insurance added in, I pay those all seperatley by the year. we can prove everything on paper, our incomes, where we live, our families are all from here over 60 years each, we are not bad people, we just need some help right now.
michael waite
(520) 682-3344 home
thank you very much for listening. :!:
michael waite
(520) 682-3344 home
thank you very much for listening. :!:
Surely you had a bad time. I was reading some of your posts above. Let's hope for the best to come.
Hi Michael,
Your monthly payments with the mortgage company are easily verifiable. So, hopefully, your credit score will improve in the forthcoming months. Good payment history is what the lender is going to check before offering you the loan.
You have mentioned here abut an offer but I think the 10% rate of interest is quite higher. As it is now you are paying at 7%. Nobody wants to accept a higher rate compared to what he has been paying. And, if your monthly income is within $1300, it will be difficult for you to take up the obligation of paying $998 on a monthly basis.
As for the new loan, I think the community can help. Lets see……
May God bless you and help you to fight against all odds.
Samantha
Your monthly payments with the mortgage company are easily verifiable. So, hopefully, your credit score will improve in the forthcoming months. Good payment history is what the lender is going to check before offering you the loan.
You have mentioned here abut an offer but I think the 10% rate of interest is quite higher. As it is now you are paying at 7%. Nobody wants to accept a higher rate compared to what he has been paying. And, if your monthly income is within $1300, it will be difficult for you to take up the obligation of paying $998 on a monthly basis.
As for the new loan, I think the community can help. Lets see……
May God bless you and help you to fight against all odds.
Samantha
The situation as I understand it is that you really need to refinance your home to get it out from the 'Predatory' person who holds the note on your home.
I've run accross this in the past with previous customers. What I would like to look at is the actual 'Note' you signed for her at closing when she took it over. This will tell us whether you can actually 'refinace' the loan from her. I had a client not too long ago in similar situation, her 'Note' showed that the 'Note holder' would not accept a 'Payoff' from any lender!
She actually had to 'SELL' the house to her sister who obtained financing from me to 'Purchase' her home to get out from this person. This too may be an answer for you. Do you possibly have a family member who may be in a position to do this for you?
After the 'Purchase', she then paid her sister the mortgage payment each month. The loan was not in her name so credit rating dropped but she saved her home and value of equity in her home.
Let me know if you will allow me to help. It would be a pleasure to speak with you and discuss options available.
I just finished refinancing a double-wide mobile home, they are not easy to do as lenders are getting stricter on the allowable guidelines of these.
I have at least 3 lenders to help us accomplish what you are needing to do and would like to speak with you personally. Please call me directly at 321-749-3896 or email me at: "sharlee2004@cfl.rr.com"
[Link deactivated as per forum rules. Thanks.]
I've run accross this in the past with previous customers. What I would like to look at is the actual 'Note' you signed for her at closing when she took it over. This will tell us whether you can actually 'refinace' the loan from her. I had a client not too long ago in similar situation, her 'Note' showed that the 'Note holder' would not accept a 'Payoff' from any lender!
She actually had to 'SELL' the house to her sister who obtained financing from me to 'Purchase' her home to get out from this person. This too may be an answer for you. Do you possibly have a family member who may be in a position to do this for you?
After the 'Purchase', she then paid her sister the mortgage payment each month. The loan was not in her name so credit rating dropped but she saved her home and value of equity in her home.
Let me know if you will allow me to help. It would be a pleasure to speak with you and discuss options available.
I just finished refinancing a double-wide mobile home, they are not easy to do as lenders are getting stricter on the allowable guidelines of these.
I have at least 3 lenders to help us accomplish what you are needing to do and would like to speak with you personally. Please call me directly at 321-749-3896 or email me at: "sharlee2004@cfl.rr.com"
[Link deactivated as per forum rules. Thanks.]
Yeah Sharlee, that could be a good option.
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