<< 1*Our situation is, we were mislead by the dealer when we bought (flat out lied to in fact). 2*We can't sell, can't refinance to get a better rate even though our credit is great. 3*No one in Texas wants to have anything to do with financing MHs. 4*The few chattel lenders we found have requirements such as 10% down and a minimum FICO of 640. 5*Come on, why would anyone with that buy a second-hand MH home from us when they could buy a new site built house? 7*Our lot rent has gone from approximately 100.00 a month to over 400.00 in 4 years. 8*They are pricing almost everyone out of this park and other parks are following suit. 9*What do they expect people to do? 10*We have paid over 40.000 on this house (more than it's worth at this point). 11*The MH industry needs to be held to some kind of accountability for the way they do business. 12* I don't agree that our new mortgage company would foreclose on us because of this. 13*They only care about getting their payment on time and they will. 14* Go ahead Lbrown, attack again, you can't make me feel any worse about this than I already do, but I'm sure you will try. conner ================== 1*mislead in what way? Lied to about what? 2*-9*Sounds as though the problem is due more to the location of the home than anything. 10* does this include interest as well principal? 11*The industry is all ready heavier regulated than the sight built homes are. They are the only homes built to a nation wide code. 12*Ever hear of an aceleration clause? 13*That's why they would be concerned with number 12. 14* Just trying to point out the things that should concern you..
The dealer (several in fact) insisted that MHs no longer depreciate in value and hold their value much like a regular house. Our fault I know for not finding a way to be sure of that. Most of what we have paid is interest. We also put 10% down on the house. We talked with Greenpoint in the beginning about increasing our monthly payment and they got all up in arms and said we absolutely cannot do that and if we did it would not apply to the principal. We have been paying a small amount over the monthly payment anyway but the principal has gone down very little. From everything I've read about acceleration clauses, they apply to the loan they are attached to such as if you miss a payment or violate other terms of the contract. I haven't found anything about it being enforced because of something happening on a different loan. As far as the MH industry being so regulated, you can't tell it by the way they build some of their homes. I'm more referring to MH dealers and misleading salespersons, however. I thank you for your input.
We are fully expecting the park we are in to go bankrupt soon because so many people have simply abandoned their homes and no new people are moving in. 7*If that happens we would have to move the house and that is a big expense. conner ============= 7*Don't see how it could be any more expensive than 150 more a month on building a new house.
i agree with lbrown on some of this...your mortgage company can enforce the acceleration with or without you being behind. have you thought about the fact that until your house is foreclosed on it will be included in your debt ratio for qualifying on a new house....and unless you continue to pay your lot rent until greenpoint removes the house, you will owe that money too. you typically cannot rent a mobile home in a park per park agreement, however, maybe you could try contract for deed. you may find someone who can't qualify for a mortgage who will be able to pay full balance for it. i think if you let it foreclose, you will have bigger problems than simply not being able to sell it. mobile homes don't depreciate like they used to. i know parks around here where old run down ones are selling for $3-5k, and new ones selling for $84k. a friend of mine bought a new one 10 years ago and it recently appraised at about $4k less than what she paid. if you are looking up the value via NADA it isn't exactly accurate. a new buyer will need to obtain a full appraisal for financing and that will likely be higher based on comps in the area. have you looked in the paper for similar ones to yours to see what they are asking?
1*I agree with lbrown on some of this... 2*Your mortgage company can enforce the acceleration with or without you being behind 3*maybe you could try contract for deed. you may find someone who can't qualify for a mortgage who will be able to pay full balance for it. 4*I think if you let it foreclose, you will have bigger problems than simply not being able to sell it. jenz =============== 1*Yea for jenz 2*Rite a foreclosure could give them the jitters causing them to say if he did it to them are we next? We better accerlate and get our money before he sticks it to us too. 3*Yep somebody may have a vacant lot to put it on and get better financing. 4*Right on. Like I said in one of my post above: It seems to be conners problem is he has the wrong type loan on a home that's in the wrong location. Selling it to the right buyer could solve both problems.
. a friend of mine bought a new one 10 years ago and it recently appraised at about $4k less than what she paid for it. jenz ================= There could be several reasons for this none of which are the fault of the home. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><-
Mobile homes don't depreciate like they used to. I know parks around here where old run down ones are selling for $3-5k, and new ones selling for $84k. jenz ======================= I have been in the housing business for a long long time. A few years back you could buy a new double wide for less than the cost of a single wide today. That don't look like depreciation to me. Inflation is driving up the cost of everything and Manufactured Homes are no exception. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
of course location and mainenance play a huge role in how a MH is going to appraise for. because the cost of single family homes have risen, the demand for lower cost homes (ie, mobile homes) have increased, whether in a park or on private land. another thought to the OP - why not move the home to private land on a permanent foundation? mobile homes on private land tend to appreciate because the land adds to the appreciation. AND when you move the home to private land, you can usually get conventional financing.
1* of course location and maintenance play a huge role in what a MH is going to appraise for. 2*why not move the home to private land on a permanent foundation? 3*mobile homes on private land tend to appreciate because the land adds to the appreciation. AND when you move the home to private land, you can usually get conventional financing. jenz ================ 1*As I said above There could be several reasons for this none of which are the fault of the home. You just gave two of them. Another is was the original price inflated? 2*He said in another of his post that that would be expensive - but I'd think it could be done for less than the 400 lot rent. If he could do it for 300 a month it would make his cost 250 less than building a home. If he were to put 150 of the 250 in a side fund each month he could have tens of thousands in savings by the time the note on his home was paid. Think of it: tens of thousands in savings and a 100 dollar a month pay rase. Looks like an unbeatable deal to me. 3*This comes right back to what I said here. It seems to be conners problem is he has the wrong type loan on a home that's in the wrong location. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
I do see your points. Believe me, we have looked into every possible avenue. The least expensive lot we can find in the area is 27,000 and that doesn't include utilities. So now your looking at 70,000 owed on the house, 27,000 for the land plus getting utilities and at least 2500 to move and set up the house. They of course want the money for moving the house and setting up utilities up front so saying use the lot rent money makes no sense to me. We would have to save the money but of course pay the lot rent in the meantime and we can't do that. The market is so flooded with repo MHs that people are buying them for pennies on the dollar; why then would they pay so much for ours? We talked to 2 mortgage companies about MHs financing and were told by both that they go by the book value. It's true we might get it appraised for more, but 32,000 more???? I doubt it! It seems foolish to sink more money into this house that most likely no one will buy even though it's a very nice house. Say what you will, from where I stand they most definitely do depreciate greatly. Our house is in excellent condition. We have maintained it very well, it is in a great location, and yet it is worth very little. Many people have tried to get our house financed and not one has been able to. When you buy a MH and put it in a park where you rent the lot, you are getting yourself into something that there is no way out of and it's a shame we suckers who bought them don't know that at the time. There are many homeowners just like us in this same boat. You think you will be able to sell, but alas, not so!
Here's another bit of information. We tried many realtors to see if they would list our house. When you say it's on rented land, they say no way. A realtor called me one day after seeing our for sale by owner sign and said she would very much like to sell our house, said it has great curb appeal is a beautiful house. We told her sure, why not. She listed the house for 3 months and was unable to get anywhere with financing for anyone and released us from the contract. MHs homes are a money pit and pity anyone who buys one!
see if greenpoint will do a loan modification for a better rate. i know so many people have been selling their MH because so expensive and greenpoint dropped their rates by 2-5% without refinancing - they just signed a modification agreement to change the rate.
Re: Re: Greenpoint Credit 'fraid so butch. if your mortgage company deems you as a risk, they can force the balance due.
Re: Re: Re: Greenpoint Credit Walking away from and stiffing another lender on a home loan would certainly warrant deeming one a risk. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
Re: Re: Re: Greenpoint Credit " I tried to PM you but was unable to, you are blocked. " Sorry, PM works now. southland2.
Here's another bit of information. We tried many realtors to see if they would list our house. 1*When you say it's on rented land, they say no way. A realtor called me one day after seeing our for sale by owner sign and said she would very much like to sell our house, said it has great curb appeal is a beautiful house. We told her sure, why not. 2*She listed the house for 3 months and was unable to get anywhere with financing for anyone and released us from the contract. 3*MHs homes are a money pit and pity anyone who buys one! conner =================== 1*What would they say if it was a conventional house on a rented lot? Folks would never consider placing a stick built on rented land. If it don't work for them it won't work for M homes either. 2*It whould have been the same problem on a site built in this same situation. 3*Place a stick built in the same circumstances and it's a money pit too. The problem isn't the type of home it's the arrangement that's the problem. NOTE: One of the worst housing finincial arrangements is combining purchasing with renting. What usually happens from that is you get the worst of both worlds. .
The least expensive lot we can find in the area is 27,000 and that doesn't include utilities. conner ============================= Which cost less ? A Buy this lot for 27000 and build a 100,000 house on it. B Buy this lot for 27000 and put a 50,000 home on it? ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
