To Mr. Murray
Posted: Mon Mar 15, 2004 9:23 am
Dear Mr. Murray:
I have been coming into this website for some time now and have read much of the advice and/or comments you have made in helping others with issues they have in the MH industry. You seem well educated in this area and I am hoping you can give me some answers. I will try to make this as short and sweet as possible. I live in Illinois, own a stick built home, have kept my house payments current and on time. I have to file bankruptcy this month (mainly credit card, hospital bills and a unsecured loan), but can keep my house and car exempt from the bankruptcy because I also have a child with a disability. My finacee filed bankruptcy last year due to a very messy divorce. He did not have a mortgage involved with his bankruptcy, just credit cards his ex-wife went nuts with. He quit his good job he had in Texas and relocated back to Illinois after his divorce. Needless to say, he has had a difficult time finding adequate work here in Illinois. We have the opportunity to move back to Texas (east Texas) and he will go back to work at his old job making twice the income he is making in Illinois. I have been going online and looking at MH as an alternative to paying rent or buying a stick built home. I want to put a MH on our own little piece of land. I will not even consider renting space in a MH park. Please keep in mind, I had excellent credit up until two months ago, then it all came crashing down. I have kept a few credit cards, my vehicle loan and home out of the bankruptcy to have some decent credit behind me.
My first question is: What are the chances of getting approved for a loan so soon after filing bankruptcy? How much of a down payment will we need to get approved? My fiancee's income will be very good for the area we will live in and we will have no problems with being able to make the payments. This bankruptcy is a one time thing. Never...ever will we get ourselves into this situation again. My second question is: I have been looking at the Patriot, Palm Harbor and Clayton homes. I know Clayton has their own finance company which may or may not be beneficial to us. We want to finance a home and land package deal. Out of the three manufacturers, which one in your opinion would be our best situation? I want to upgrade from the standard package that is offered in the homes. Such as, 2x6 walls, insulation, carpeting, etc. Can you please give me some advice on my situation or am I dreaming up something that is impossible here. Thank you for your attention in this matter.
I have been coming into this website for some time now and have read much of the advice and/or comments you have made in helping others with issues they have in the MH industry. You seem well educated in this area and I am hoping you can give me some answers. I will try to make this as short and sweet as possible. I live in Illinois, own a stick built home, have kept my house payments current and on time. I have to file bankruptcy this month (mainly credit card, hospital bills and a unsecured loan), but can keep my house and car exempt from the bankruptcy because I also have a child with a disability. My finacee filed bankruptcy last year due to a very messy divorce. He did not have a mortgage involved with his bankruptcy, just credit cards his ex-wife went nuts with. He quit his good job he had in Texas and relocated back to Illinois after his divorce. Needless to say, he has had a difficult time finding adequate work here in Illinois. We have the opportunity to move back to Texas (east Texas) and he will go back to work at his old job making twice the income he is making in Illinois. I have been going online and looking at MH as an alternative to paying rent or buying a stick built home. I want to put a MH on our own little piece of land. I will not even consider renting space in a MH park. Please keep in mind, I had excellent credit up until two months ago, then it all came crashing down. I have kept a few credit cards, my vehicle loan and home out of the bankruptcy to have some decent credit behind me.
My first question is: What are the chances of getting approved for a loan so soon after filing bankruptcy? How much of a down payment will we need to get approved? My fiancee's income will be very good for the area we will live in and we will have no problems with being able to make the payments. This bankruptcy is a one time thing. Never...ever will we get ourselves into this situation again. My second question is: I have been looking at the Patriot, Palm Harbor and Clayton homes. I know Clayton has their own finance company which may or may not be beneficial to us. We want to finance a home and land package deal. Out of the three manufacturers, which one in your opinion would be our best situation? I want to upgrade from the standard package that is offered in the homes. Such as, 2x6 walls, insulation, carpeting, etc. Can you please give me some advice on my situation or am I dreaming up something that is impossible here. Thank you for your attention in this matter.