The Manufactured Housing Forums

Has anyone every traded in a MH for a newer one and refinanced the whole lot on private land?

We have a 2000 MH in a park and still owe about $26,000 for it. We would like to move it to private land but would need to refinance the whole thing to include the move, land, etc. I posted an earlier message about this and someone said it would be easier to just start fresh. I was just wondering if anyone in our situation had ever traded in their home for a new one if they still owed money on it and were able to refinance into a new deal?? I feel totally clueless about all of this and we plan to ask a dealer about it, just thought I'd ask here first so we don't look totally stupid when we go in there!

Thanks!

P.S. I know we could just sell it instead of trading it in, but we are trying avoid the hassles that selling would involve.

Trade ins of this sort are very hard to do...Unfortunately in most markets right now, your loan is thousands upside down...

If your park is nice...there might be a chance to sell your home on site...and get a much better return on your money...There are hassles..but..this is probably the only way out at this time..

There is NO financing that would finance you home...a new lot and all improvements..Assuming you have a single section home...It might be possible with a double section..but would be hard to find a lender who will do this...

Do not get desparate....there are a few desperate unscrupulous dealers out there who might take advantage of you...example...trading the home and then not paying it off...

Good luck

We traded a '73 double for a 2000 Silvercrest. We owed 40k on the double and basically added it to the mortgage on the Silvercrest. It worked out because our market is so hot right now that we were getting offers on the newer house for 40k above the new mortgage rate.

We did not move the house to private land and I wouldn't be able to help you on that part, but trading-up is doeable by reputable companies. Our only problem is that we rent the land and can't get any cash-out financing on our present house for debt consolidation.

I would also suggest to sell the present place and take the proceeds to start from scratch. There will probably be better models out to choose from and you don't seem to owe that much left on the present place. HTH