I owe much more on my mobile home than what I could sell it for... does anyone know a way to roll it over into a regular home loan,, im sick of this place!!
2006-08-19 08:56:56 · 4 answers · asked by Kristi B 1 in Business & Finance ➔ Renting & Real Estate
I would have to rollover about 17,000,, is that possible?? I was the cosigner on this place and the primary person filed bankruptcy,, I have lived here since i was 19 and now im 26.. i just want to move on with my life now i have a husband and daughter and we need a house,, badly!! We are in western michigan,,
2006-08-19 09:07:47 · update #1
The park doesnt allow subleasing and i dont have the credit to get a loan to pay off the difference. Ijust want out from this..i dont want to have it hanging over my head.
2006-08-19 11:12:55 · update #2
In general, you don't. Different kinds of property. You can't even do a 1031 exchange, if I understand the rules right, as a mobile home is personal property, not real property. Not that section 1031 applies to losses. A loss on personal property is a loss, and it's gone forever, like when you sold the car you bought for $10,000 for $300 to the junkyard.
2006-08-19 11:46:56 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Nope. Doesn't work that way, not like rolling negative equity from one car into another...
I'd suggest finding a renter to cover the payment on the mobile home, and then qualifying for a mortgage to buy a new house.
Rick Lanicek
www.primelendingonline.com
2006-08-19 10:04:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sorry, but it doesn't work that way with mortgages. You really only have a couple of options here.
Keep paying on it until you're right side up.
Rent it out, hopefully for something close to your mortgage payment.
2006-08-19 11:03:53 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
i would take out a loan!
2006-08-19 11:34:46 · answer #4 · answered by Piffle 4 · 0⤊ 0⤋