Need Financing to buy used home on leased land

[Nika]

My hubby and I are so ready to buy this great 1999 singlewide for 17K but we cant seem to find a lender who will help us without us buying land and we dont want to buy land! HELP! Someone reading this please tell me youve bought a single wide mobile home without having to buy land! Who out there finances just homes? Anyone?

Ive filled out lots of online apps to no avail/responce yet. All the phone numbers Ive called cant help me. Im getting frustrated!

[Doug]

I can't help you has I am faced with the same problem in Southern California.

A year ago I bought a triple wide on leased land. My interest rate is 8% and I had to buy down to get that! The monthly payment is a hardship with the cost of living going up (gasoline is at $2.25/gal) and my monthly land rent has gone up twice in less than a year!

I have spent the last 5 months trying to refi for just the balanced owed, none of the equity. I've heard all of the reasons:

Don't own the land;
Too old;
Not permanently secured to the ground (law prohibits this in CA because of earthquakes);
It can be moved;
It's titled like a car;
Repos are rampant across the country;

I even wrote to my State Legislature, only to receive political hoopla!

".....I can assure you my office has made several calls to several departments in Sacramento and found this to be a common problem.
Every year constituents, local elected officials, community leaders and civic organizations come to me with their ideas for new legislation. Infortunately, the deadline to introduce legislation has passed".

BLAH!, BLAH!, BLAH!

I can't imagine what would happen if an emergency came up and I needed to get some cash out of my equity. Worst decision I ever made, but it was all I could afford at the time.

Even if I could find a broker/lender, they want to charge twice the going rate to that of a single family dwelling!

I tell you, we're doomed!

Doug

[Mark]

Hello and good day! I am not alone I guess in the struggles of owning a manufactured home. I have also tried to refinance here in AZ just to lower my monthly payment to NO avail. I can totally identify with the fact that I have made the biggest mistake of my life. Like the previous posts I have read I too was in no situation to buy a house. Now the credit is decent and I am stuck with this home that we have outgrown years ago. I owe more on this house than it is worth and the lot rent is a joke! I am paying as much for this manufactured house I would be paying for a REAL house. I am frustrated and NEED HELP and answers on how to get out of this thing? What are people doing to get out from under these non equity building pieces of garbage? Any help or guidance is greatly appreciated.

Mark
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