Sat, Jul 04, 2009
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Getting A Mobile Home Loan With Bad Credit |
glawson
1 Posts
Member Since: 10/12/2004
Garner, NC
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Posted: 09:56 on 10-12-2004
how can i buy out my ex-husband who's name is on the mobile home even though I make the payments? I am reluctant to apply for a loan because of my credit. what can I do? 
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TonyNewJersey
9 Posts
Member Since: 09/01/2004
Chestnut, NJ
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Posted: 16:02 on 10-12-2004
There is a good chance that you shouldn't buy out your husband's share of your mobile home because there is probably no equity in the home.
Mobile Homes depreciate so fast (unless they are on land you own) that you may owe more than you could sell the unit for.
Sorry for the bad news, but check with a mobile home dealer to see what your home is worth wholesale, before giving your ex any money. You may just want to keep him on your note (mortgage) so he is also responsible for the debt that is in excess of your equity.
This may sound harsh but 4 times out of 5 the note balance exceeds the equity.
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JohnMerchant
2046 Posts
Member Since: 04/23/2002
Tacoma, WA
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Posted: 08:44 on 10-13-2004
And remember not to get the cart in front of the horse here...FIRST a MHP buyer has to get the permission of the MHP to even move in, and if he/she doesn't get it, normally he/she can't live there, can't rent it, and sure doesn't want to own it!
If it's on its own land, you really have a pretty straight forward RE deal and if you can buy it for a great price, can probably find some lender who'll give you a loan.
If the H is desperate to leave and sell, then you should be able to get it on your terms (again, not in MHP unless you've been cleared to live there as their tenant) so no new loan might be necessary and he might not find a better buyer than you.
So he might be willing to make you a great deal so he can get out from under his current loan.
IF you really want to be responsible for it.
Be sure you do, or don't buy it .
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esevans
8 Posts
Member Since: 10/17/2004
Greenville, NC
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Posted: 14:58 on 10-17-2004
Depends on how much he owes on the home. I see people every week with terrible credit being financed for trailers. A year later, it's repo'd. I have a good friend who has been upside down in a trailer since he bought it. He has about 17 more years of bliss being upside down. Him and his wife make good money now, and don't want to hurt their credit with a repo, yet they can't sell because they are upside down. I would think very very carefully before I would try to take out a loan on a trailer. I feel trailers should be financed no longer than 7 or 8 years. That is for a late model home. That is if you are sure that you will not be moving under any circumstances for that time.
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JohnMerchant
2046 Posts
Member Since: 04/23/2002
Tacoma, WA
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Posted: 18:46 on 10-17-2004
Esevans is right and daily almost I see local MH buyers who're upside down forever because some local MH Dealer put it to'em.
I'd guess that back in the "bad old days" when the big lenders were buying dealer paper, those dealers were just going nuts getting poor people on overpriced MHs and then dumping that paper on the big lender...so Greentree, Greenpoint, etc., ended up with jillions in bad paper and the poor buyers got big notes they couldn't pay.
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