I Bought a new Mobile home Three years ago which i'm still paying on. I'm currently looking at this house that just came on the market. Buying both of them is out of the question.
So i have a couple of questions.
1.) If i buy this house and just stop paying on the mobil home what is the the worst that could happen.
2.) If i where to sell the mobil home i'm not sure i could get what i still owe on it, since they depreciate. so what would i have to do with the diference i would still owe? would i have to pay in full, keep current payment plan till difference is paid, or something all together different.
2007-01-05 06:31:34 · 4 answers · asked by godfater21 2 in Business & Finance ➔ Renting & Real Estate
#1 is not an issue. It will hurt your credit.
Make an offer based on the sale of the Mobile but first put it on the market.
The proceeds from the mobile will go toward the balance owed. You may take a beating but you may luck out also.
Good Luck
2007-01-05 07:06:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You could buy the house and rent the mobile home out for the amount of the loan payments plus a little profit.
You can sell the mobile home,pay off the mobile home and use what is left to pay down the home mortgage balance.
You may be able to sell the mobile home with the buyer taking over the payments.
2007-01-12 13:02:46 · answer #2 · answered by Ralph T 7 · 0⤊ 0⤋
Stop making payments on the mobile home will have an adverse affect on your credit report. That is not really a great option.
It looks as if option #2 is not the best either.
Have you considered renting the mobile home. I am sure that the rent you get from the mobile home will more than match the current mortgage payment you are paying now.
Being a land lord is not all that easy but then we are put into certain situations that force us to do things we are not prepared to do, but must in order to be successful.
Find the nearest Apartment House Association in your city, join, catch up on the tenant land lord laws, they will have rental contracts for your purchase as well as a way to obtain credit reports on your potential tenants.
When you go to purchase your new home present your rental agreement to the mortgage broker you plan to use to get your new mortgage from.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-01-12 05:20:35 · answer #3 · answered by Skip 6 · 0⤊ 0⤋
why getting into double debt, pay off or sell the phone before thinking of buying a a house. Think positive my friend!!
2007-01-12 08:50:55 · answer #4 · answered by van n 3 · 0⤊ 0⤋