Getting out of a mortgage 8 posts by 8 users

Posted: 11/16/2005 at 03:58PM

Hello, my name is Mike. My wife & i purchased our mobile home back in 2000. It is our first house, so we were really excited at the time. Since we had no credit back then, we were charged a high interest rate...21%

Now 5 years later, we feel "stuck" where we are. Don't get me wrong, i love my house, and our park. its very peaceful & quiet here, and have very spacious yards\lots. However, lot rent has gone from $240-$345 since we have lived here. Its just getting a little ridiculous paying that along with a $300 house payment. Thats over $600 per month we are paying to buy our mobile home & rent our lot.

The bad part, we filed bankruptcy last year. We did'nt file on our home though..we kept that loan & reafirmed on it. I kind of wish we did file on our house though, because we may have been able to just start over agian with a new home someday, instead of stuck here with bankruptcy on our records.

We would like to get out of this mortage, and get a real house someday soon. Soon meaning, 2-6 years. Since our interest is so high, we are paying rouphy 50,000 for a 14,500 (principal cost) home! How do I get out of this mortgage? I know a lot of you will tell me to just go seek a realtor for advice, but i figured i could get some info from you first.
Everyone thinks a mobile home is so great to have, because its "moveable"...LOLLOLLOL They hav'nt considered the costs of moving a mobile home, its rididculous imo.

Thanks

Posted: 02/04/2006 at 06:51PM

Don't forget that a mobile home is not real property, it is personal property and it losses value with time. Just like a car, it is very possible to owe more on the mobile home than the home is worth. That type of interest rate is very high and it would be best to try to refinance, but the pricipal balance on the loan needs to be lower than the appraisal value of the home.

The bankruptcy is going to really botch things up as a new lender is not going to get involved in a refi until the bankruptcy is discharged.

Posted: 08/03/2006 at 04:33PM

Would it be possible to get some land and then move the mobile to the land? Of course, you'll need the foundation etc. as discussed above so that the home will have some more value. Over time, as you keep up with payments, if the home is considered part of the real property, you might be able to get a refinancing package for both the land and home.

Just a thought...At least you'd have some equity in the property that your home is sitting on.

Deborah

Posted: 03/11/2008 at 08:12AM

Well.. THAT was a little rude, harsh, and unecesary! It looks to ME like the guy is trying to be responsible as to the HOME.. he didn't file IT in his bankruptcy, and rather than just ditching it, he's looking for alternative solutions to relocate without leaving the lender in a lurch. (Did I read that right??? I think I did.)

Fortunately, your attitude doesnt' seem to be the prevailing one on this forum. Maybe they can boot you before you become a huge egotistical issue on here? wow.