CAN ANYONE HELP!!

["Ann Marie"]

I''m ready to close escrow and my lender just backed off. Here's the scenario.....I purchased a property in a 5-Star Adult Park. Great end cul-de-sac spot with a nice mountain view. I have two escrows - the owner of the singlewide (which I am pulling off to put a triplewide) and the land which I bought (has a sub-lease of 77 years left on the property). Two problems according to lender....house is too old (1976) and there are two owners involved (house & land). They said that the house is not worth what I am paying for it. I realize that but I wanted that piece of land for a nice big house. The realtor should have written-up the paperwork to show the land with a high value and the house with a low value. I probably wouldn't be in this mess. The owner is all packed and ready to move. The pressure is overwhelming. I have to find a lender by COB 11/24/03 or I loose the property. The new ruling on Freddie Mac and Fannie Mae is causing some problems as well. This great websit always has someone who has a solution or suggestion to someone's problems. Is there an angel out there? Mr. Murray?

[rmurray]

I have no idea how to help...one of the problems is the 1976 model is probably NOT a HUD home...Most 77's are and most 76's are not..

The seller of the home will have to find a cash buyer...not going to be easy..

I doubt you could have done what you wanted to do anyway..You could not pull the mortgaged home off the lot to change it with another....

The only thing I can think of is to find the new home..package the whole deal..land..old home as a "trade"..and new home..Then get the whole thing financed if the appraisal will stand all of this..or you have enough cash to cover the difference..Of course..this will take much longer than 24 hours..weeks at best..Sorry..

["Ann Marie"]

Re your last sentence, that is exactly what I'm trying to do but the fact that this is sub-leased land (even though there is 77 years left on the lease) and that the house is a 1976, everyone is scared to touch it. There are a couple of lenders who will finance this if I put 50% down but I find that a bit steep for me. I will keep trying until I have exhausted all avenues. I have a great dealer who has been really trying to help. Thanks, Murray, for your reply and help.