i had to file bankrupcy about a year ago due to medical bills. is it still possible to get a loan for a manufactured home now if i have some land and a down payment to put towards the loan.
2007-08-22 05:30:49 · 9 answers · asked by Amy N 2 in Business & Finance ➔ Renting & Real Estate
If you have a substantial down payment, Yes. Because you are assuming a portion of the risk. I put down 35% on my first property and i had no credit and the mortgage companies were falling over me because most people now a days try to put less than 10% down. Money talks my friend. Money talks.
2007-08-22 05:36:21 · answer #1 · answered by snwbm 4 · 0⤊ 1⤋
After about a year, some banks will be willing to work with you. You'll pay through the nose in interest. If you already own the land, why not just keep saving until you can buy the house without a loan? Manufactured homes are dirt cheap.
The part I really don't understand is filing bankruptcy over medical bills. Doctors don't charge interest on their bills, so even if you're making payments of $10 or $20 a month they won't even send you to a collection agency, let alone force you to file for bankruptcy.
2007-08-22 05:37:16 · answer #2 · answered by Roland'sMommy 6 · 0⤊ 1⤋
Depends upon your bankruptcy. Were you granted a dissolution of debt, or are you paying off creditors through the bankruptcy court? If you are still in bankruptcy, you are prohibited from acquiring new debt until the bankruptcy is paid off, unless you can show the court just cause for the new debt. And that is difficult to do. If you are no longer in bankruptcy, then yes, almost every dealer of manufactured homes can find you financing if you have land as collateral and a down payment. You will pay a higher (much higher) interest rate, and your land will be forfeit on the lien until it is paid off. If you default, they will repossess your home and your land.
2007-08-22 05:42:48 · answer #3 · answered by claudiacake 7 · 0⤊ 1⤋
Lots of people think that once they’ve filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn’t always true, there arewill help to improve your credit history in a number of different ways.
2007-08-22 07:06:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
doubtful. it incredibly is a three 3 hundred and sixty 5 days wait after a financial ruin for any government back loans (that are the least complicated ones to get genuine now). What you're able to desire to attempt to do, even though, is locate somebody who will proprietor finance you. it fairly isn't undemanding to do, and it could dramatically decrease your determination, yet once you're able to desire to flow, it could desire to clean up your subject.
2016-10-09 01:04:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Right now I heard banks aren't lending as freely as they used to. It also depends on what type of bankruptcy and the amount down.
2007-08-22 05:35:17 · answer #6 · answered by Kris K 2 · 0⤊ 1⤋
has the bankruptcy been finalized??
if so look for reposessed mobile homes.
lenders will be more anxious to get them off the books.
see if family will co-sign giving them the title to the land as second collateral.
2007-08-22 05:38:06 · answer #7 · answered by Anonymous · 0⤊ 1⤋
I really don't think any bank will loan $100,000 plus to you.
2007-08-22 05:42:31 · answer #8 · answered by Gerald 6 · 0⤊ 1⤋
probably, but you will receive a very high interest rate,
2007-08-22 05:34:57 · answer #9 · answered by Anonymous · 0⤊ 1⤋
No
2007-08-22 05:34:06 · answer #10 · answered by ? 4 · 0⤊ 1⤋