Need Advice

[Patty]

Hi, I need some advice. I was wondering if I can have some input or advice as what to do or if this is possible.

Okay We have a singlewide mobile home in IL that we owe less than 15,000 and pay lot rent and we want to trade it in on a doublewide and put it on my mom's land in AR. How do we go about finding somebody that will work with us? We are also being told that banks want a credit score of 630 and higher..is this true?
We are willing to pay to transport our home too. Why are we finding this so difficult.
Thanks in Advance. Any advice or input is appreciated.

[Patty]

I feel like we are getting the run around by certain mobile home sales office out of MO. We made a big trip this weekend after I was just told he would be willing to trade mine in for a doublewide and put it on my mom's land which would be included in the price of the home. I brought all the neccessary paperwork that he wanted. My credit score is 614 and he told me it wasnt a problem that he worked with 20 different lenders blah, blah, blah. He liked our home but, was trying to get us in a singlewide, which we didnt want...then tried selling us his home and if we did buy his then he would buy ours and apply that as a down payment. We werent interested in his home which was 179,000. Basically he didnt want to work with us and we feel we got a bad rap. After making that long travel with 3 kids I was very upset for being told 1 thing and he did another. Therefore isnt there anybody in West Plains MO or in the North Arkansas area willing to take our mobile in IL as a trade..even if we paid to have it transported? I know there has to be but, Im tired of traveling and getting the run around. Another dealer adds 10,000 to the new models to cover what they loose in REPO's too..is this legal?

[rmurray]

Your whole project seems a little impossible...Trading a home long distance is nearly impossible...unless you have large equity..which you do not..

Much better for you would be to sell the home where it is..even if you lose money...Moving costs for that distance will be in the thousands..and values of singles are probably lower in AK..so you would be taking a double hit...

There are some lenders who require 640 FICO scores...but there are many who will do mortgages for much lower scores..even some who do not look at scores at all...

Sell your home...move on and do not buy from that guy..

As far as adding $10K to cover repos...never heard of this..but you do not have to buy from them...move on..

[Aggravated in Oklahoma]

We have been trying to trade in our mobile home too. I know I owe too much on our singlewide and I want them to add the extra to a new doublewide and I still get the run around....because I have no land to attach the new financing too. I have good credit and always pay my bills on time. My mom owns the land I live on right now and they want to attach the new home loan to that land which I don't own. They always ask if they can pay it off for her and I tell them she is not interested in doing that. I can't blame her, although one day part of the land will be mine. I have ran to Missouri also (Neosho) when she said she could help me and then she tells me she can't give me the price of another home that I would want customized because of the hurricane situation.....that's bull. What she really wanted me to do was buy the lot model. Well, it didn't have some of the features I wanted so I wasn't willing to budge. So I am still hoping something will come along. Most of them tell me to try and sale first and then come back to them and they could help me. Good luck....I know I will need it also!!!

[Patty]

Okay I just listed my home..in the meantime what mortgages companies can I get approved with that will take a lower score or dont look at scores at all (why dont they look at your score?)


but there are many who will do mortgages for much lower scores..even some who do not look at scores at all...

[Patty]

So your in Oklahoma and your trying to move to? Well, sounds like were in the similiar boat but, dont give up hope. Years ago my mom had bought her land so when she and my dad retired they would decide then what to do. Well, 2 yrs before my dad retired they decided to get out because lot rent is going up up up..next yr it will go up to 500!! Therefore my mom sent my dad to ark & mo to find somebody willing to take their trade which was already paid and they still had a hard time..of course my dad didnt come home til he found somebody. And, he did! His name was Jim and he was owner for Homestead Enterprises out of Thayer MO..cant seem to locate him otherwise I know he could help us. He told my parents the only reason why nobody will work with ppl in our situations is because its all bout the $$$...instead of waiting 30 days to get their check they want $ up front now. I am only 2000 less than blue book value of my home. Got a estimate of 4000 to move it and still nobody can work with us. But, Im not giving up hope. I plan on getting into real estate once we get moved. Now adays its all bout the $1.00 you can make and thats it. You would think arkansas needed more tax payers but, apparently not..lol

Good Luck!!

[rmurray]

"Its all about dollars"...True about any business..Good Luck selling your home...Your dads situation was much different..in different times...I am sure the dealer wholesaled the trade to the first dealer he could find..

[rmurray]

Any FHA lender...FHA does not look at credit scores (some FHA lenders do)..they will look mostly at your payment record in the last 12 months...They even finance folks in Chapt. 13 bankruptcy and use the bankruptcy payments as a credit reference..Try to find an originator who specializes in manufactured homes..Dealers in the area should all have contacts..

For other lenders..It would be best to use a broker in AK..They will know the lenders offering programs in this state...Call dealers in the area and ask who they use to finance their homes..There are even traditional manufactured home lenders reaching to 600...but best deals will be with mortgage lenders..

[Aggravated in Oklahoma]

We aren't moving anywhere. The land I have the singlewide on right now is the same place I want to put a new doublewide. These dealers just don't want to take trade-ins. I know it is all about money. Maybe if I stick with it long enough I will find a salesman who needs some quick money and they will do whatever it takes to get my business....or at least I hope so....haha! I realize the trouble it is to come and get it, take it to their lot, resale it, and then move it again. I guarantee you if they were in the same boat we are, maybe they would be alittle more sympathetic towards us. Until then, I guess they just don't care!!!

[jgn]

Aggravated, it sounds like it is a finance issue you are dealing with. You stated that you owe more on the single than you should and you want that rolled into a double. If the overall mortgage is above the appraised value of the combined package you will not get a lender to take it. You do not own the land the home is attached to so the only asset is the home. A dealer is not gping to give you what you think the home is worth on a trade because of the expense involved, move it from your lot to theirs than from theirs to the buyers, that is not a cheap proposition. You would be far better off trying to sell the home and it moved just once. Sympathy has nothing to do with it and yes it is about money because it is difficult to stay in business if you don't make any.