Posted on: 14th Jan, 2013 01:26 pm
my grandparents bought a mobile home in 2005/2006 for $200,000. its about 1440sq ft and was built in 1971.they completely remodeled it and lived happily in their home. my grandfather got sick and they filed bankruptcy in 2009 so that my grandmother wouldn't have the debt. my grandfather died in 2010 and my grandmother has been doing okay but the mortgage payments are getting to be a lot for her. we were looking to refinance but aren't sure what we can do since a lot of places won't finance if built before 1976.
Best Advise is to go to local MH dealers and inquire about their sources for financing. That would be my first start.
Hi Alexei!
Welcome to forums!
You are absolutely right. Those mobile homes which have been build before 1976 hardly qualify for any kind of refinancing. I don't think lenders will be ready to refinance your grandmother's loan. Your grandmother can take help of the option of loan modification and check out if she can qualify for one.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You are absolutely right. Those mobile homes which have been build before 1976 hardly qualify for any kind of refinancing. I don't think lenders will be ready to refinance your grandmother's loan. Your grandmother can take help of the option of loan modification and check out if she can qualify for one.
Feel free to ask if you have further queries.
Sussane