Posted on: 28th Oct, 2009 05:11 pm
I have a loan with greentree servicing. I borrowed 60,000 and still owe 57,000 been paying $700 month payments at 12% intrest for 10 years I have2 acres of land I own that the mobile home is on. I am divorced now,and less income and 2 children to take care of. I have tried to get refianced to get a lower intrest rate and a lower payment. Even offered to put my land in with it and have been unsuccessful. I want to know if homestead laws will protect me from them putting a lein or taking my land when they foreclose on the mobile home? Thank you :cry: CAN SOMEONE PLEASE TELL ME THE ANSWER?
hi lynn,
did the lender give you any reason as to why they can't refinance your loan? are you delinquent on your mortgage payments? if not, then you can apply for a refinance with other lenders as well. it's not mandatory to refinance with your same lender.
the homestead laws may differ from state to state. in some states, a purchase money lien is exempted from homestead protection. it is a lien secured on the purchase price on the property. as this is not subjected to homestead protection, the property can be foreclosed upon default of the homeowner. it will be a good idea if you can contact an attorney and get his opinion in this regard.
did the lender give you any reason as to why they can't refinance your loan? are you delinquent on your mortgage payments? if not, then you can apply for a refinance with other lenders as well. it's not mandatory to refinance with your same lender.
the homestead laws may differ from state to state. in some states, a purchase money lien is exempted from homestead protection. it is a lien secured on the purchase price on the property. as this is not subjected to homestead protection, the property can be foreclosed upon default of the homeowner. it will be a good idea if you can contact an attorney and get his opinion in this regard.