Trying to get out of a park

[Jackie]

Hi there. I am new here & am going thru abit of a dilemna. We have a 2001 Schult 28x60 that is currently in a park and we want to move it to a piece of land. Upon starting our quest, I have found many obstacles in doing this & would like any advice!! ~ I spoke with a dealer & also a mortgage company who stated their biggest concern is the value of the home because if it appraises for less than we owe, then that'll be a big problem. We owe about $50,000 and the dealer said he thought it'd be worth $30,000 (without him even seeing it), so there is a $20,000 loss..UGH...they suggested a modular which is considered the same as a stick built and we would have alot of financers then. However, it would be difficult especially since we're in a park and having a manufactured home in a rural setting isn't the best scenario either. Is the information I got pretty accurate?? What would you recommend?? Should we just take the $20,000 hit and add it to the loan we'd get for the modular (along with land and site work)? Are there ANY lenders out there besides Vanderbilt (who he says will charge us double-digit interest rates for this) Please help!! Thanks so much!! Jackie

[Jackie]

I should mention that they would take our current house as a trade in and then get us into a modular loan.

[rmurray]

There are many lenders out there...but trading is not a good idea for you..losing 20K and rolling it into another home will be hard at best..this might force you to use Vanderbilt and pay that outrageous rate right now most modular homes with traditional lenders are closing at about 5.75%...This 20K will turn into 100Kor more over the life of the loan because of the higher interest and interest on the 20K......If you trade you will be up side down again for the next 20 oer more years...You should find a buyer and sell the home right where it is...if you can get your payoff you will be tens of thousands better of....I question the fact that he will actually give you 30K in real money...All he will probably do is add 30K and then give it to you.....

[Sylvia]

Is the loan you have now assumable? Granted it may be difficult to find someone willing to assume it, but it could be an option.

[Mac]

I'd sell it in place, then place a new or used one on land. We did something similar and have a conventional mortgage.