Who will refinance a mortgage on a trailer in a trailer park?
by Mortgage Rates on Monday, October 4th, 2010 | 4 Comments
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the only lender who will do this that I know about is Northpoint lending
It is not classified as real estate but they will do them in a park
additional
they were doing them. Don’t know if they lost that part of their loan portfolio
I am a mortgage banker in TN & KY
trailers do not fall in the same category as houses – they depreciate in value and don;t last 100+ yrs like houses – it’s probably really not even considered a mortgage since she doesn;t own the land – so it probably doesn;t fall under the same rules – she might not have any equity in the house either and you pretty much need 20+% equity in real estate to refi
She may want to look for someone in the same boat as she is.. Another single mom that can share the home with her so that she can pay half of the bills. Each paying half of everything. There are a lot of single moms out there going through the same thing right now… Best of luck to you both.
Shirley Bollinger
http://www.RepairYourCredit2.com
If you don’t own the land – it is not a mortgage. Basically
financing on a trailer , is roughly the equivalent of a used car loan on a YUGO, except that the YUGO is more portable She’s not being punished by investors, she bought the double wide presumably knowing all the possible ramifications. Where is her responsibity in this ? Obama did not hold a gun to her head to make her buy the trailer, or to pick a bad husband . If I were her I would feel really lucky to live in a country at a time in history that will give money to someone for just being disabled. She should consider very strongly taking in one or two boarders provided she screens them very carefully.