Why cant I get a home equity loan on my mobile home?
Tags:axels, cement slab, collateral, land deed, mobile home,
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I have the 1994 mobile home upon the large dilemma lot in PA. The mobile is anchored to the permanent concrete chunk as well as the axels as well as tires were pulled. There is right away an further so it looks some-more similar to modular, stand in wide,, not certain of the scold wording. The land as well as the home have been both paid in full. My credit is fair. As shortly as they listen to "mobile" the review is over. Am i seeking as well the wrong lenders? Why will they not give me the loan as well as make use of my home as collateral? The skill is value about 78,000 as well as we usually wish to steal 28,000. Banks will financial them when they have been paid for from dealers so because is this different? we unequivocally need to figure this out as well as find someone who can allude to me conditions w/o wasting any others time. The skill is additionally paid in full. we have the land help for which as well as the pretension for the mobile home. Can i shift the pretension to the home deed? Good fitness with this one,, we conclude ur input.
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It sounds like you have done most of the things to make it real property. Besides the axles and tires I hope you had the tongue removed.
You said it sits on a slab, but there needs to be some sort of foundation too, concrete block, poured concrete, pony wall – something. This might make a difference; the lender would probably want to see something permanent down there.
Lastly, and this is a biggy, you need to make sure that the mobile is considered real property. Mobile homes start out as personal property with some sort of DMV license in most states. You would need to contact your assessor to find out if the mobile is personal property and if so how to change the mobile from personal property to real property.
Then you should be able to find a lender that will work with you.
Good luck.
I think your phrasing is the problem. You probally can not get a home equity loan but talk to a local bank or credit union about a bank loan. Tell them they can use the property as collateral.
My father is a real estate broker in California and he once told me that lenders got burned on mobile homes because of people physically moving the asset. In Cali at least they tend to classify all prefab housing in the same group as mobile homes for the most part depending on the lender. If you have equity in the lot then that may be your best bet. In my own experience and listening to Clark Howard show on AM radio I have heard that a Mobile home DEpreciates like a car for the most part as opposed to a house APpreciating over time. hope this helps…
You have a real problem here. The last time I checked the only large lender that was still lending on manufactured housing was a company in California called Argent. The reason that most company’s won’t lend on these properties is that many times they have been burned by people removing the home after taking the loan. I know that you said the wheels are off and its permanent but realistically the wheels can be put back on almost as easily as they were taken off. I worked as an Appraser for The Department of Housing and Urban Development for a while and you can’t believe how bad some of the trailers get in a short period of time.
Sooo… Try some B lenders and maybe even Argent and see if they have loans available on Manufactured homes. Avoid the "mobile Home" word if at all possible. Bad conotations if you think about it. If worse comes to worse go for a loan on your property value alone. Also, there are always hard money loans out there if you don’t mind paying a little higher interest rate. Check with your local bank and real estate agent and they may know some lenders that are familiar with your neighborhood and who will be more open to helping out.
Good luck