Question:
How can I get out of this house?
camaro7295
2009-06-24 11:48:55 UTC
My husband and I bought a manufactured home 4 years ago. The home is on a foundation, but of course the home is still movable. We want to keep the land that the home is currently on but have the home moved to another lot. After talking to a loan officer at the bank we have our mortgage through we had started making plans to build a home on the lot that the home is still on. The loan officer indicated all we need to do was refinance the home onto the other lot to release the lean on the property that the home is currently on. However, after finding a buyer for the home(once it was moved) ,finding a contractor to build our new home, buying blue prints, getting approved for the construction loan, and having all the people needed to move the manufactured home and pour footers and build the block ready to go, the same loan officer who told us all we had to do was refinance said oops she was wrong the mortgage has to be paid in full before the home can be moved. We are devastated and are still trying to make this happen. If a bank would let someone finance the home and lot based on what the home would appraise for after it is moved and set up, we could pay off the mortgage. The problem is I cant find any bank who is financing mobile homes . If anyone has any suggestions or ideas on how this could possibly work. I would very much appreciate any help.
Five answers:
Ambivalence
2009-06-24 11:59:37 UTC
most options only delay the inevitable.
Spock (rhp)
2009-06-24 11:59:06 UTC
it sounds like what you need to do is a simultaneous close on both properties with one being a mobile home on a lot and the other being your construction loan on the existing property.



as you've found out, not many banks want to make mobile home loans and, of course, they'll depend on the credit quality of the buyer.



about all you can do is shop hard for the required loan. Note that you'll have to pay for the mh moving, new foundation, etc. out of pocket before the whole deal happens.



a different possibility is to reverse the locations -- leave the mh where it is and sell it to the buyer without moving it and then build your now home on the other property. That'll cut costs [no expense of moving the thing or the new foundation for it] and may allow the whole deal to slide through because it'll be cheaper and therefore less risky.





GL
teran_realtor
2009-06-24 13:13:33 UTC
Normally, what she told you (the second time) is correct. You cannot move the house until the loan is paid off. Your builder also will not build on that piece of real estate (land) until that mortgage is paid off. The mortgage is against that land and improvements.



Contact your lender - this will not be a short (time) undertaking - ask for permission to move the mobile home to the new land. You will at a minimum need to show all your bids for the move and re-do of the foundation as well as the contract for sale of it. Do you own the new piece of land outright? That might help.



Help the new buyers find a lender who will lend on a mobile home NOT on its original piece of land. FHA will not.
estielmo
2009-06-24 12:03:02 UTC
Contact a real estate lawyer.
anonymous
2009-06-25 21:51:46 UTC
you will find what you are looking for here, i did:

http://refinancemortgage.fsaenterprise.com


This content was originally posted on Y! Answers, a Q&A website that shut down in 2021.
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