Just purchased mobile home and land in Jan of this year. Appraised at around $130,000.00. I want to sell and purchase another home, what if I can't get amount financed ($134,000.00) out of the home now? Does amount over the selling price get added on to my new home purchase?
2007-07-09 11:05:51 · 5 answers · asked by WANDA B 1 in Business & Finance ➔ Renting & Real Estate
then you have to pay it off
2007-07-09 11:10:49 · answer #1 · answered by skcs11 7 · 2⤊ 0⤋
You could request a shortsale from the bank but this is likely to be denied...they are very hard to get approved. Otherwise you must pay off the loan...
The only way to get the negative equity rolled into a new loan would be if the new loan is for less than the appraised value of the home and you were able to take out a home equity loan straight off the bat when you purchase the new home and use that money to pay the negative equity of the old home.
2007-07-09 18:15:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No , you are not trading in a car ....You will have to pay the difference at the closing of the sale on the home you sold. Also the amount financed is not what it takes to pay off the loan . Companies such as Greentree and others that deal with mobile homes will give you a payoff to include the total amount financed plus interest , so if you financed 134,000.00 for thirty years at 6% interest you actually owe the lender over 200 grand , and they most likely had that agreement in the closing papers that you signed , along with the agreement that the loan is non transferable or can not be sold without approval from lender , mobile home loans are different than regular home loans ....in most cases , and in my dealings with mobile home lenders in the past .Thats why most lenders on mobile homes such as greentree , they are not called Mortgage companies , it is called GreenTree Finance most mobile home lenders are finance companies not mortgage brokers
2007-07-09 18:21:31 · answer #3 · answered by Insensitively Honest 5 · 0⤊ 1⤋
No, you can't add it to another purchase. You have to come up with the full amount at closing or you simply can't sell it. If you can't get the mortgage amount you need to come up with the rest of the money out of your pocket.
Also, if you bought in Jan. you need to come up with any prepayment penalty fees in addtion to the sales price.
2007-07-09 18:18:20 · answer #4 · answered by Elsa D 6 · 0⤊ 0⤋
You'd have to come up with the difference at closing on the sale of your first home. You will probably not be able to just add the differenct to a new mortgage on a different home.
2007-07-09 18:10:36 · answer #5 · answered by Judy 7 · 3⤊ 0⤋