Mortgage Loan Assumption » home

Relocating, how can we get rid of our mobile home fast?

admin — Mon, 07 Nov 2011 23:25:39 +0000

Question by yesterdaysvoid: Relocating, how can we get rid of our mobile home fast?
Hi everyone!

I have a mobile home that my husband and I are trying desperately to get out of. We want to relocate in three months for college. I know that the market stinks right now, but does anyone have any ideas besides renting it out (we’re not allowed in our community) or moving it with us (way too expensive and we want to live in the city)? My mortgage is assumable, but no one seems to want to assume a loan right now. I would really like to just be rid of any obligations to it as we’re wanting to move out of the area. I owe around 28,200 on it. It’s a 2003 model, 16 x 76, Clayton, in great shape, etc. Any ideas?

Best answer:

Answer by nickipettis
you could sell it on ebay (really)

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Can we set up mobile home on our property if we have a mortgage?

admin — Mon, 03 Oct 2011 16:25:34 +0000

Question by stephshelium: Can we set up mobile home on our property if we have a mortgage?
We are doing a lease option on our current home as we are moving to another area to be closer to family. We have an FHA loan and will be leasing the property and the buyer has the option to purchase the property at the end of the lease. She wants a 5 year lease to insure she has time to repair her credit. I told her that was fine as that would help insure we have tenants to help cover our mortgage. However, she wants her mom close and wants to know if they can set up a home. Since they will be here 5 years, intend to purchase the home or assume the mortgage she wants to know if she can set up a small mobile home for her mother on the property. The mother will be paying cash and is aware that by no means can she use this land for collateral. She would be required to install a seperate septic tank since she could not tap in to the one with our home.

Is this allowed? The home will not in anyway effect he lien or anytime of leins against the property.

Also, will the second home, which will be in her name raise my taxes? I know she will have to get a registration and pay taxes every year like a car so would they tax me as well? It seems like that would be double taxing. Would that effect the value of my property to raise the taxes for me?

Any info would be greatly appreciated!

( And before anyone jumps off the deep end saying that assumptions don’t exist, I have an FHA loan and it is assumable and I do have the Truth in Lending with the assumption allowance in writing. The only requirements is that the owner have creditworthiness and be able to afford it by debt ratio.)

Best answer:

Answer by Botsy
Better check with your local building department, as many areas do not allow mobil, or manufactured homes,and those that do may have restrictions on size, location and how mounted, if with solid foundation and many other codes that may have to be followed.
Also, to have a second home on your property, under a different name, you may have to appear in front of the zoning board and sub divide the property, depending on the laws in your area.

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are FHA Home loans still assumable?

admin — Thu, 08 Sep 2011 00:24:50 +0000

Question by gnkilgor: are FHA Home loans still assumable?
We want to sell a home to our son and the original mortgage was through FHA. Can he just assume the loan?

Best answer:

Answer by brandonbroker
No, he has to qualify but you can cosign, give him a gift of equity or something to help him. You have quite a few options I do these all the time.

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