Answers
I inherited the mobile home and have lived in it for less than a year and I'd like to get the loan for home repairs and a new/used car. But I'm not sure where to go or how to go about getting the loan.
https://www.lowermybills.com
They have a section on home equity loans and mobile home is listed as a choice for a loan. I've never heard of getting an equity loan on a mobile home, but as long as it's worth more than what's owed, I don't see why not. I've always heard mobile homes don't appreciate, though. Good luck!
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BUYING A MOBILE HOME IS LIKE BUYING A CAR...THEY ONLY DEPRICIATE AND SELDOM BUILD EQUITY....
an equity line of credit of about 10,000. We have good credit but have a bankruptcy on our credit from about 3 years ago. I know that is bad but other than that everything lookd really good. Our credit score is right below 700. No one wants to help us because our home is considered a mobile home. It's bricked and considered real property. Who should we ask? Has anyone out there who has a mobile home got an equity lline of credit? Please tell me with who you did so we can call them. A direct e-mail to the company would be great too. Any suggestions? Thanks
no it's not on rental property, we own a few acres, our mortage is with a reputable company known world wide (I won't say the name). were not in a trailor park or anything, we are in a nice community with mostly all "stick built" homes, brick and whatnot.
Go to your local banker and take a loan on the land and the mobile home as a whole.
Good Luck!
I have a 1971 mobile home that sits on .66 acre. The house was actually completely tore down and rebuilt in 2000, despite that, I am finding that it is darn near impossible to refinance. I owe $157,000 on the house and comparables in my area are going at about $350,000. If I can't refinance because my place is a 1971, is it possible to take out a home equity line of credit on a mobile home?
On a 36 year old mobile home, most likely not.
Not to mention, you have done work on it... Most lenders will not refinance even a 5 year old mobile home if it has been modified in any way... EVEN if the modifications are really nice, and done by a pro. Banks think of mobile homes like cars... they are worth less as years go by, not more.
If you have really good credit, and it is at least a double wide, your local bank or credit union MAY lend on it... but that is about your only option.
Good Luck!
Is My Home Equity Line Of Credit From Citi Bank A Recourse Loan Or ...
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of their default. In deeds of trust or mortgages where a power of sale exists, as in California, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. This is uncommon in most other states where there is no “third party” that can execute the sale upon default by the borrower. If the deed of trust...
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