Here is the problem my Aunt had a divorce sometime in her late 30s and has been having problems ever since. Right now she has a non-mobile trailer in a trailer park community ( its nice). Anyways, right now she is living above her means and is having trouble making the mortgage payments and just putting food on the table. I am trying to come up with ways to get her out of debt and into a place she can afford. Anybody have any suggestions or answers for me????
2006-08-25 09:06:38 · 8 answers · asked by keeev14 1 in Business & Finance ➔ Renting & Real Estate
Um, you dont sell your mortgage you sell your home and pay off your mortgage. WHy would someone just buy a mortgage?
So yes, have someone evaluate the worth of the home and if she can get her money out of it, she should sell.
2006-08-25 10:24:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Who is selling what mortgage? If you buy a mobile home (trailer) you get a motor vehicle title from the state's DMV. If your aunt has the title and wants to sell the mobile home, she can do so. If she is renting space in a MH park, you will have to read the lease agreement. Park owners usually retain the right of refusal for any prospective buyer, if they don't want to rent space to that person.
She can sell her MH and use the money to buy a cheaper one, that is if it is worth more than she owes on it. If it is worth the same as or less than the payoff amount, try refinancing it.
If she is living beyond her means, she should consider credit counseling. If you find a way to lower her monthly payments, what is to stop her from spending the money that she saved?
2006-08-25 16:18:47 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
Yes, you can sell or re-finance your mortgage to reduce your monthly payments. Look in the yellow pages under Mortgage Brokers. Most banks won't touch it it doesn't include the real estate.
2006-08-25 16:10:09 · answer #3 · answered by Michael S 3 · 0⤊ 0⤋
Two questions; how old is she? and is she on medicare?
Find out who has her mortgage and go to them about her situtation. Contact your state explaining the same problem to them. She does not have to lose her home. There is plenty of help out there. Watch out for shysters though.
2006-08-25 16:30:12 · answer #4 · answered by Jack G 3 · 0⤊ 0⤋
Let her move in with you - you know that's what you were thinking, you just needed someone to make you admit it. (?)
2006-08-25 16:12:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sure, as long as you find a buyer.
2006-08-29 04:30:09 · answer #6 · answered by ? 3 · 0⤊ 0⤋
yes its called a refinance.
2006-08-25 21:47:38 · answer #7 · answered by business creature 2 · 0⤊ 0⤋
You are playing monopoly aren't you?
2006-08-25 16:11:50 · answer #8 · answered by nickster51875 3 · 0⤊ 0⤋