Affixed Home

[Sandy]

A few years ago we refinanced our doublewide. At that time we had it affixed to our land. We are now toying with the idea of purchasing a new doublewide to put on our property. My question is, in order for us to sell or trade in our current home we will have to take it back to a mobile home status with title and have in unaffixed. I'm not sure how a mortgage company deals with this kind of financing. Has anyone ever done this? I would appreciate any information available.

Thanks

[rmurray]

Every state is different on how this might be handled...If you are in a state in which you surrendered the title..you will have to talk to your title agency..

Actually you would be tens of thousands better off if you sold the whole thing and bought new property...Remember your home cannot be moved until the mortgage is paid off..

[Mac Walker]

But - the home/land can be paid off through a refinance. We recently replaced our 1977 Fleetwood Barrington DW and refinanced. We bought two years ago when interest rates were much higher, and could not find re-financing at today's rates for a home that old. So... we bought a new home and sold the old one. Here were the keys, though: The appraisal for the new home + land had to be greater than the mortgage (it was); we had to get a construction loan to carry us through the period between removal of the old home and setup/finish on the new one. We'll then start up the new mortgage (about 3 weeks, it looks like).
If it pencils out, you can do it. We had a good local dealer with experience, a construction and finance (mortgage broker and construction-loan connections) arms.

[Sandy]

Thanks to both of you for this information. We have thought about selling the whole deal. It is on the market right now. We have an acre+ of land with a 1986 DW Fleetwood. We like the area but not the dirt road. Been here over 10 years. Not sure how to go about getting a construction loan. Any suggestions?