Posted on: 17th Feb, 2009 05:14 pm
i need to refinance my mobile home, located in the mobile park that still holds the title/lien. i put down $2000 and financed the balanace $8600 at %7. i have made 48 of the 60 payments. i am 2 months behind lot rent and loan. bankruptcy was done 12 months ago but did not include my mobile home. does anyone know who will take over this loan and give $1500 to get back on track. i have a clear title on my car which is worth about $2500. can i use also for this colateral. i need help i honestly have no where to go. thank you. shawn dee.
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Hi sjdscotland,
I can understand that you are facing a tough time. As far as I know, nobody would be able to takeover the loan as it is already in default. In my opinion you should inform the lender about your hardship and request for a loan modification. It is a process where you will get an alternative repayment plan through which you will be able to pay off your dues. However, you should note that your payments can increase in this new payment plan as your past dues will be added.
As far as the car is concerned, you can take a loan on it. But you should definitely inform the lender that you will be paying off your mortgage with the amount you receive from the car loan.
Thanks
I can understand that you are facing a tough time. As far as I know, nobody would be able to takeover the loan as it is already in default. In my opinion you should inform the lender about your hardship and request for a loan modification. It is a process where you will get an alternative repayment plan through which you will be able to pay off your dues. However, you should note that your payments can increase in this new payment plan as your past dues will be added.
As far as the car is concerned, you can take a loan on it. But you should definitely inform the lender that you will be paying off your mortgage with the amount you receive from the car loan.
Thanks