Trying to convince bank to allow moving of mobile home

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jpingram5
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Mon Sep 12, 2011 5:07 pm

Im making payments on a private piece of land and I am allowed to move the home to it. It's a deal through a friend so he really doesn't mind the land being vacant. It's just about paid off and I was looking into moving the home. However, the loan company told me I would have to pay off the home first. Somehow I missed that in my contract, dumb me. I guess I understand that they worried about it getting damaged or something but the transport company fully insures the home during moving so if something did happen it would be covered. But they still were haggling me about it. I doubt I will be able to pull another loan out currently, so I'm kinda stuck I guess for now. Just wanted to know if anyone out there had a similar situation or has some advice for me.
2009 Skyline Sunwood Premier 14 x 80


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Greg
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Mon Sep 12, 2011 8:01 pm

There could be a clause in the repo law. It would be easier to repo a home in a park than it would on private land.

You may be able to refinance and use the land as collateral.


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Greg S
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Wed Sep 21, 2011 3:29 pm

Search the adds for a short term (high interest :( ) private lender. First make arrangements with a bank/lender that will refinance after the move then once the move is complete you refinance and pay off the private lender.
It's a short term pain for a long term gain especially considering you may be able to get better financing with the home on private land.
An individual must enforce his own meaning in life and rise above the perceived conformity of the masses. (Anton LaVey)

alvasin
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Sun Jun 10, 2012 10:38 am

If you rent a mobile home, you have the same rights as a tenant in an apartment building or house. If you are moving into a mobile home that is already in the park, the park owner cannot charge you more than 2 times the monthly rent for an entrance fee. He cannot call this fee something else, in order to get around this limit. Read more here.

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Greg
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Sun Jun 10, 2012 11:34 am

Keep in mind the the law Alvsain quoted may vary from state to state.

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