I own a Large Doublewide Mobile home in South Alabama on 1 acre of land. I am in Chapter 13 currently and wish to refinance the balance of my Mortgage with the balance of my bankruptcy. Total Payout is $85,000.00 with collateral appraised at over $100,000.00. ANY IDEAS FOLKS!!! I am needing to act fast!!!!
2007-01-30 04:09:41 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Agree with the attorney. You'll need to get permission from your trustee if you have one...you should if your currently in 13. The terms of the new mortgage should be favorable otherwise you may not get the approval. As for the financing..that may be a challenge for you. Manufactured housing does not offer the favorable options it once did and therfore your options may be limited. FHA allows for c/o, but the 13 may be of issue, Conventional is limited to 65% and no BK. Hard money loans will probably not meet the favorable standards for the trustee. If you do find a broker in your area, have them look at United Guaranty Mortgage or Nations bank. both offer a subprime product for Manu's with possible ch 13 buy-outs. Credit score will be a major factor for the highest LTV. Good luck
2007-02-05 18:46:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am a bankruptcy attorney in California. f you don't have a bankruptcy attorney, get one. You will need to get permission from the Chapter 13 trustee and the court before incurring new debt. I've seen this one before, but you need to proceed cautiously. If you can't make the payments on the mortgage, you could lose the property.
2007-01-30 14:36:46 · answer #2 · answered by Carl 7 · 0⤊ 0⤋
I know 2 loan officers who specialize in this. I think they can get around the fact that it is manufactured housing. Fill out the free evaluation form at
www.totaldebtsolutionsllc.com
and I will have 1 of them contact you.
2007-01-30 11:12:02 · answer #3 · answered by CALIFORNIA GOLD 3 · 0⤊ 0⤋