Help on buying a house.

I'm trying to buy a house went to a morgage planner, they told me my credit was good but I have a moble home that I bought in 2000 thats on my credit and missing my debt to ratio up. So my question is how can I get the moble home out of my name but still keep it. Info on the home: I have own it since 2000 brand new, the land my mom is buying,still owes about 6000 on it, I owe about 26,000 on the moble due to high interest rate 14%. My mom doen't want the moble home in her name. I have been thinking about starting a real estate biz and putting the moble home in the biz name would that work, I know a new biz as no credit so could I do PG to get it done. and would that still show up on my credit report and bet the purpose. please help me

Edited: 06/26/2010 at 12:20PM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Apr 04 '10, 02:25 AM

You will have to pay off your existing loan on the mobile home to get it out of your name. Extremely unlikely you'll be able to put it into an entity and get financing without it showing up on your credit.

If you owe $26K on a 2000 mobile I suspect you're waaay under water. Is it possible you could sell this albatross? If not, you at least need to try to refinance it to try to get a better interest rate.

Edited: 06/26/2010 at 12:20PM

Jon Holdman, Flying Phoenix LLC

Mike M

Accountant · Garden Grove, California

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Apr 04 '10, 03:36 AM

Scott
I agree with Jon. As long as the loan exists, it will be in your name. That is just the way the credit world works.

As to whether or not you are under water, it would depend on a great many things. I just did a quick search for Mobile Homes and I can find them from $1,000 to $600,000, all in MH parks. I have a co-worker who is not getting any bites on her $25,000 MH here in Durango. Move it to the coast of California, it sells for $500,000 in a day. I offered her $5,000 for it, but she turned me down. She will get tired of her $700 Mortgage/Park Rent soon enough. I am patient.

Jon is right, try to sell it and move on to bigger and better things.

Edited: 06/26/2010 at 12:20PM

Arthur Barnes

General Contractor · raleigh, North Carolina

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50 influence

Apr 04 '10, 03:52 AM

Scott, I assume your mom lives in the mobile home. If that is correct and she is paying the mortgage then you may be able to off set the debt by renting to her. The problem is you will probably have to wait a year or so because you will have to file a schedule E for 2010 for most lenders to consider it income. This is being said with several assumptions. Give us more details and maybe we can come up with more alternatives.

Edited: 06/26/2010 at 12:20PM

P NW

· OR

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Apr 04 '10, 04:11 AM

Money has eased up a bit and that manufactured is new enough to be financed. So I suggest that you shop around and see if you can refinance it at a much lower rate. It will make a huge difference in your payments.

That won't help your debt to income ratio, but it will enable you to make power payments on the MH and get it paid down quickly.

Edited: 06/26/2010 at 12:20PM