The Manufactured Housing Forums

Chrissy:

I was able to obtain a mortgage almost 3 years ago for a 1999 Single Wide. I was unaware at the time that this was a sub-prime note (Greenpoint Credit) with a 16.25% interest rate. Well, now I owe more on the note than the home is worth, and I've tried to refinance several times unsuccessfully. I'm wondering what my possible recourses are, as walking away and allowing it to be repossessed is something I'd really like to avoid.

Thanks for all your help,

Benjamin Drake

Refinancing is usually best accomplished through your own bank or a credit union. The existing companies who still do financing in the manufactured housing industry are not really big on refinancing. Another option might be to sell it to someone else, if your goal is to move, and you might have to hold the note (finance it for them). The good part of this is that the down payment they give you might enable you to pay the home down enough to put you in a favorable position for refinancing.

If you have been making your payments on time since you bought the home, You may be able to get a loan for another home with a better interest rate and use this home as rental property to make the payments with a little profit. You could get a better interest rate on a double wide or modular home depending on your credit rating. If you would like more information you may email me @ marichards12 @aol.com