Posted on: 18th Feb, 2009 05:54 pm
I have a 1971 mobile home that I bought in September of 2000. I am trying to find out when the rule took effect making this home virtually impossible to sell because interested buyers can not get a loan through most mortgage companies. I have never been late on my payment and when I contacted the mortgage company I have the loan through, they strongly suggested that I do a Lien in Lew of. This is crazy. The last correspondence I received from them said they will not finance it to a new buyer but I have to continue paying the loan for the next 23 years. I really need some help and guidance of where I can turn.
Hi teejesse!
Welcome to forums!
Mobiles homes which are built before 1976 do not qualify for mortgage. The lenders are mainly concerned about the life expectancy of such a home as compared to that of traditional home. So you would hardly find any lender offering finance for the property.
I did not understand what you wanted to mean by "Lien in Lew of". Did you wanted to say deed in lieu?
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Mobiles homes which are built before 1976 do not qualify for mortgage. The lenders are mainly concerned about the life expectancy of such a home as compared to that of traditional home. So you would hardly find any lender offering finance for the property.
I did not understand what you wanted to mean by "Lien in Lew of". Did you wanted to say deed in lieu?
Feel free to ask if you have further queries.
Sussane