Personal loan on Mobile home

Hi Birdpictures!

Welcome to forums!

You have mentioned that your property is free and clear. With a credit score of 710, you can get a conventional loan. You do not need to apply for a home equity loan. You can speak to the local lenders of your area which would help you in knowing what type of rates and terms you would receive.

Sussane

i have a 1980 double wide on a rented space in a mobile home park the
ones like mine are selling for 60 to 65 thousand would like to borrow 12000 thousand.

I own a Manf Home, no mortgage. I am trying to help my son with his credit card debt ($50,000) and wells as mine ($17,000) by a loan on my mf. I an retired living on Social Sec & pensions, with a small savings & money market acct elsewhere. My son would pay the payment but he has no collateral but a steady job. I have found that because I do not own the land, I rent, loans are hard for m.f. Do you have any suggestions?

Hi Phyllis,

It is true that it would be a bit difficult for you to get a loan for your manufactured home. You can contact some of the lenders and check out if they can help you with a loan. Or else, you can apply for personal property loans. However, these loans come at a higher interest rate.

Thanks

I am interested in a personal loan and using my 1988 model 14'by70' singlewide and land as collateral. My credit score is close to 625, have steady job with income of $35,000.00 per year. Value of home and land is at least $40,000.00 and I am looking to borrow $10,000.00 Please advise!
Tony V. Iaquinto

Hi Tony,

Your credit score is okay. But getting a loan using your 1988 mobile home and land will not be easy in this market. Most of the lenders have stopped offering loans against mobile homes. However, since your credit is not so bad, you can go for a personal loan. It is an unsecured loan and does not require any collateral. There are lenders in this community with whom you can seek a no-obligation free mortgage consultation. After assessing your credit and other required factors, they will let you know if you qualify for a loan against your mobile home or a personal loan.

Thanks,

Jerry

I NEED TO BORROW MONEY MY TRAILER IS NOT PAID FOR AND I LIVE IN A MOBILE HOME PARK EXPLAIN THE DIFFERENCE BETWEEN A SECOND MORTAGE AND REFINICING. MY MOBILE HOME IS WORTH ABOUT 3200 I WANT TO BORROW 2,000

hi marilyn,

refinancing the current loan will help you in taking a new loan with better terms and conditions. this will help you in paying off the previous loan. in order to refinance a loan, you should have equity in the property. once you refinance your mortgage, you will have to pay back this loan to the lender.

as far as a second mortgage is concerned, depending upon the equity in your property, you will be able to receive a second loan on the same collateral (i.e your property). thus, you will be responsible for paying off two mortgages.

you need to appraise your property and check out the value of your property. if there is equity in it, then you can apply for a refinance.

take care.

i own a small house on leased property.worth approx.40,000.bad credit,wish to borrow 25,000 to consolidate bills

I have a score of 581 most of its been from over 10 years ago ..i have never cleaned it up. I must get o loan by feb 1st 2010 or I will lose my moblie home. made appt to file bankruptcy, and trying to appy for loans.. Im at a dead end of what to do?

Hi jimiwagg,

"..bad credit,wish to borrow 25,000 to consolidate bills."

If your credit is really bad, you will find it difficult to get a loan to consolidate your debts. How bad is your credit scores? You need to have a score of around 620 to get approved for a loan in this economy. If your credit is less than 600, you have little chance of qualifying for a new loan.

Hi Guest,

Getting a loan with a credit score of 581 will not be easy. If there are negative items on your credit, you will have to remove them before applying for a new loan. If most of those items are more than 10 years old, you should check whether they are past the Statute of Limitations (SoL). If they are, then you can have them removed from your credit report. Has your lender foreclosed on the mobile home? Have you discussed loss mitigation options with the lender?

Thanks,

Jerry

My husband and I would like to purchase a mobile in both of our names..are there any institutions or banks that would be able to help us?

Hi Guest,

The number of lenders offering mobile home loans has reduced after the sub-prime mortgage crisis. But it does not mean you cannot get financing to purchase a mobile home loan. However, you need to have good credit and income to qualify for a mobile home loan. How good is your credit score? What amount of loan are you looking for? Do you have sufficient income to qualify for the loan amount you are looking for? How much of down payment can you make?

You can contact a local lender and check out what options you have. You can also go for a no-obligation free mortgage consultation with the lenders in this community and see if you qualify for a mobile home loan.

I am thinking about trading my existing mobile home in for a new one. How do they go
about doing this, and is it worth it? Would I be better off, if I just sold the old one?