Tag Archives: mortgage
Mobile Home Loan (mobile Home Park Loans, Mobile Home Mortgage Loans)
For all those new to the concept of Mobile homes, they are a makeshift arrangement that are constructed in companies and as the name suggests they can be carried to the work site and fixed on the ground. Generally, work sites are located in rural and suburbs which do not have office chambers as such. These work sites are known as home parks in United Kingdom and United States of America. They are portable by semi trucks. Not merely assisting in catering to the professional needs, they also give a new dimension to the concept of motorized highway travel. These loans help make your life a journey a great comfort in truest sense. They play a vital role in providing shelters to the families who do not wish to expend much on accommodation. Furthermore, they are also a great help for those who love adventure and crave to lead a different life. The good news is if you too wish to have a home for your self but due to monetary reasons which have kept you from getting one for yourself, there is nothing to worry about anymore. Today, they assist you in buying both the park and the home for yourself. The only thing to be kept in mind is not to get confused with the eligibility criteria of traditional home loans and these loans. The construction standard of needs to be in tune with the proposed norms of HUD under the Federal National Manufactured Housing Construction and Safety Standards Act of 1974. These criteria are a must for attaining the mobile park load. Mobile home mortgage loans are regarded as chattel mortgages. To put in simple words, they are loans given for movable property rather than real property. So it is the mobile home which plays a central role and not the land
If You Are Behind on Mortgage Payments, Take Action NOW!
I have gotten some emails from people who have wanted me to buy their house. The only problem is that they have waited too late. You see when faced with a problem like losing your home, many people get very nervous and scared.
In fact many families feel paralyzed with fear. They are so scared of what could happen to them with losing their home and their security that they aren’t sure what move to make. It is a very tough situation because you have one person telling you to file bankruptcy. You have another person telling you to talk to the bank (and you don’t want to talk to the bank because you don’t have the money that they want anyway). You have yet another person telling you to sell the house while you still can.
Well, I’m here to give you the most unbiased opinion I can. Your first option is probably the easiest. Do Nothing! If you are paralyzed with fear or angry about the situation then you can simply do nothing and hope that somehow the situation works itself out. Well more often than not the situation will NOT work itself out. People who help themselves in life do much better than those who just let life hit them. Take some action now. The longer you wait the less options you have.
If nothing else, sit down and right out your options so that you can see them on paper. Once you visually see them they won’t seem so confusing. Your next option is bankruptcy, well regardless of what any attorney may tell you here is a fact about bankruptcy. If you cannot afford your house then bankruptcy is only a temporary fix. It is like putting a band-aid on a gunshot wound. In some cases it may hurt your credit worse than the foreclosure.
For example, you can usually get a mortgage on a house after you are 2 years out of foreclosure. If you have a bankruptcy you may have to wait longer. Also, bankruptcy cost money. In many cases several thousands of dollars. You might be better off putting that money toward a workout plan with your bank. I have seen people say that many times before.
Your final option (in general) is to sell your house. The way I think about this is by this logic: If you can’t afford the house and you are going to have to move anyway, why not sell it and try and make a couple of bucks to help you along in your move. After all we are not really attached to any particular piece of property. Wherever we lay our head is our home. So stop all the unnecessary stress and move to a place you can better afford, if this is your only option. So please be proactive in your situation. The outcome has a better chance of being something that you control.
Till next time, Good luck and God Bless and remember… If you have any questions about saving or selling your home or any topics on real estate that you would like to know more about please email me and I will answer your questions in this column.