Selling/Financing

[Trey]

My husband and myself own a mobile home and land in northwest florida. The property and home are financed through two different companies. We have had this package since 1998 and have since moved and my mother has moved in. She has lived there for about two years and would like to buy the home and land but can only afford payments for the trailor. She has been told that she can't purchase just the trailor, she must purchase them both. Is this true and if so, can we rent her the property for a very, very small monthly fee to get around this rule? We are currently financed through Conseco Finance at about 10% with payments at 430 per month. The land is through a local real estate company and the payments for it is 175 per month. Ideally she would like to finance the home with another company at a lower interest rate and monthly note and then in a year or two purchase the land and combine the two with payments kept around 400 or 500 per month. Could you please give us some advise on this matter, we could really use some honest information.

Thank You
Trey

[rmurray]

The time to combine the property and home is now...Rates are lower now than they have ever been in your mothers lifetime...two years from now ..who knows.......from what you have said...sounds like you owe about 70,000 on the package...at the current 6% rates this would translate into about $425/mo....even at 7% this would be no more than $465//mo....

Home only finance right now is very high...especially for used homes..about 14% interest...the payments would be higher than they are now...

She should check with a knowledgeable loan officer in your area...Call an independent dealer in your area and ask him who he is useing for his mortgages...Most dealers would be happy to help and refer you to the best in the area...good luck

[Trey]

Murray,

Thank You for being so fast in your response. No one even offered information on the possibility of buying them both now. Her credit is kind of slow so I think she wasn't given much attention. Do you know of any loan officers or independant dealers in the panhandle of florida with whom you have had dealings? Thanks again for your fast response.

Trey

[rmurray]

"slow" credit cash mean many things.....one thing for sure it means is she cannot get home only finance....This type of finance has gotten very hard to to get qualified for...
My best suggestion is to call a local dealer....or go to the find a loan section of this web site...that is free and you should get good responses fairly quickly...

Good Luck