Posted on: 16th Jan, 2011 06:05 am
ok. 12 years ago we financed this trailer. we thought and were told it was a 30 year fixed mortgage but we now know it's a 15 year balloon mortgage(i think that's what it's called). so in the next 2 years we have to refinance. well, i started calling around and no one will finance one that old? what do we do?!? if we let it go, our credit will be ruined, but there is no way for us to afford the balloon payment. it would be almost 40 thousand dollars.
Welcome Guest,
It is true that mobile homes which are build before 1976 do not qualify for financing. You're in a real tough situation. I will suggest you to contact the local lenders who offer personal property loans and check out if they can help you in this regard.
It is true that mobile homes which are build before 1976 do not qualify for financing. You're in a real tough situation. I will suggest you to contact the local lenders who offer personal property loans and check out if they can help you in this regard.