Is anybody still around?
Paul
the simple interest used in Mobile Home financing, which is a legal rip-off
by the banks. Is there any re-financing available for a normal type loan?
Where do you turn to try and get out of this rip-off type of financing?
--
Paul O.
Robert Perkis
It's usually a chattel mortgage like a car loan. If it
allows you to pay it off early without penalty or if the
penalty isn't too bad, try and find a better loan.
Paul
anybody does regular mortage loans on homes on rented land in a park. I see
places on the internet but have no idea who is a legit and up and up lender.
--
Paul O.
"Robert Perkis" <rob...@icdus.com> wrote in message
news:4A920B02...@icdus.com...
John Sisker
I too live in a mobile home park in Southern California. Mine is Pacific
Park in Huntington Beach. What is yours? Likewise, if you are still in the
market to find a better loan on your mobile home, you might want to check
out the "Links" section of the Manufactured Home Owners Network at
www.mfghomeowners.net. Basically, you are looking at refinancing, and while
today there are indeed far fewer banks who will do this type of thing, some
of those that still do, can be found on my website.
However, you also need to be aware that many factors will govern this type
of loan. The age and size (single or double) of the mobile home are just two
that come to mind. In referring to a rip-off, one would assume that you mean
the interest rate that you are paying. It was already pointed out to you,
that such a loan is chattel mortgage, like a car, but you have the added
benefit of paying it off early, or increasing your monthly payments, with no
penalty. The reason why the interest rate for a loan on a
manufactured/mobile home is higher than a conventional or regular loan, the
manufactured/mobile home is considered a personal property loan, not that of
real property like a conventional house. This is because, for the most part,
a mobile home sits on someone else's land, thus the banks have to real
security in the land itself, therefore, a higher interest rate to compensate
for this. By the way, what interest rate are you paying now?
However, don't be too surprised if the interest rate for refinancing is
actually close to, or even higher, than you are paying how. It is not a
rip-off, it's simply the price of doing business with this type of loan.
Likewise, keep in mind, for the most part, that loan will be for a lower
amount that it would be for a typical real estate loan.
Good luck,
John Sisker
jsi...@sprynet.com
www.mfghomeowners.net
www.mfghomespecialist.net
(714) 536-3850
"Paul" <oplh...@gmail.com> wrote in message
news:h6uk2...@news6.newsguy.com...
Paul
interest rate than we have, however since no comparable home has sold in our
area for at least a year, they could not determine our home's value. There
is a mobile home similar to ours next door, and when and if it sells, then
they can determine a value, so I'm told.
--
Paul O.
"John Sisker" <jsi...@sprynet.com> wrote in message
news:aYWdnQTrQOO4WEzX...@earthlink.com...
John Sisker
I may be able to shed some light on that as well, for as you know, I too
live in a mobile home park in the Southern California area. Therefore, since
I also sell new and used manufactured/mobile homes, I know this area quite
well. What park is it that you live in? If you feel more comfortable, you
can always respond to me privately via my e-mail at jsi...@sprynet.com.
"Paul" <oplh...@gmail.com> wrote in message
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Paul
way.
--
Paul O.
"John Sisker" <jsi...@sprynet.com> wrote in message
news:3JGdndMlhZZZiU7X...@earthlink.com...
John Sisker
I still don't know what park it is that we are talking about, but that's
alright. Obviously, you don't want to give me that name. As for Mesa Homes
in Rialto, it that still in business that you know of? Their location in
Stanton is now closed up.
Whatever your park is, a realtor or bank should be able to run the comps on
it, to at least help in determining some general value. That would be a good
start.
"Paul" <oplh...@gmail.com> wrote in message
news:hb0o8...@news2.newsguy.com...
Paul
haven't been by there lately to see if they are still there or not. Now that
you mention it, I'll have to check it out.
--
Paul O.
"John Sisker" <jsi...@sprynet.com> wrote in message
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