 What to do with an Adjustable Rate Mortgage? |
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fastboymatt | Help i currently am lock into a 30 year moragage at 10%? the loan is on a mobile home through green tree? |
the orginal amount fin. was 38,000 it is for a mobile home my wife signed the contract before we met. our monthly payments are only 325 but at 10% we pay over 3,000 a year in interest alone and only about 600 to the original amount how can i pay this off the loan still has 24 years on it and it is only down to 33,000. so in 7 years we only paid 5,000 off the loan everything else is interest. i want to sale the place and just get out of it but it is only worth around 25,000 and we pay a lot rent we dont own the land , so a buyer might not want to spend the money then still pay a lot rent.. any advice how to get this paid off or sold we tried refinanceing it and was denied because it isnt worth alot help |
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daeve930
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You're saying "mobile home" and "mortgage" and those two things don't go together.
If it's a mobile home, not permanently attached to a foundation, with the title surrendered to the state, and the state now calling it real property, you don't have a mortgage. since you don't own the land, you have personal property not real property. So you have loan, not a mortgage. That 10% makes a little more sense in that case.
The previous advice to make addtional principal reduction payments is good. Even if it's $50, you're reducing the principal and that lowers the amount that goes to interest. Every little bit does help. The bigger additional payment the better for lowering principal and saving on interest. |
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doclakewrite
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okay, what you want to do is the day your payment is due, you make a second payment of 50....100....200 dollars whatever you can afford and have them put it directly on the principal.
when your term comes up to renew the mortgage( most terms are 1yr, 2yr,3yr,5yr,7yr) you need to have the payments changed to weekly instead of once a month,it will work out to the same amt of money per month but it will cut the interest down alot.Even if you are paid every 2 weeks, you can put the two weeks money away for your mortgage and leave it in the bank....
you can also do what is called an accelerated mortgage where they add 10% on top of your payment and you pay it down alot faster
think at approx 82.00 per week you could add 10% about 8.20 to the total and with that you will pay it off much quicker as you will be going into the mortgage 4 times during the month not once and what you will save in interest is phenomenal over the period of time....
You actually end up making an extra payment at the end of the year by doing the accelerated thing..
You can also pay the whole thing off and they will calculate the principal less the interest that is owing over the term you have(1,2,3,5,7yr).
there might be a penalty for paying it off before your term is over.
You could also sell the mobile home.
Remember your mortgage is amortized over 30 years, the term is the contract that you renew every couple years.....
This sounds like a chatel mortgage to me, because of the high interest.
the total amt owing is amortized over 30 years, if you wanted to pay it out the amount would be much less than the 38,000.
find out, go and talk to the bank
get some numbers from them... |
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Doctor Deth
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can you make extra principal payments each month? that will pay it down faster and get you to break even sooner than later if you want to sell. I would say most people buying a mobile hoem expect it to be on rented land, so don't worry so much about that aspect when trying to sell |
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Paula M
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can you afford to send in separate additional principal only payments.....send in a separate pymt of $500/mo and you'll have it paid off in.....Late 2012....that's only 4 yrs from now. |
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maJiCMan
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Well your options are;
1) Sell and make up the difference between the amount owed and the amount you sell it for.
2) Check with your local banks (again) and shop around for a better mortgage. If you have some cash to pay down the original mortgage it could make a refinance deal more attractive to a bank. $8K would put the amount owed in line with the current value you mentioned. (A loan from a relative maybe if you don't have it yourself?)
Wow! A 30 yr mortgage on a mobile home... I am surprised a bank would do that.
Good luck.
j |
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DannoREA
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Start making additional payments each month, and clearly state in writing that the additional payment is to be applied to the principle! If you don't, it will just be applied to next month's interest.
Start whacking away at the principle, and you will shorten the time it will take to pay it off, and that will cut the amount of interest you are paying by quite a bit. |
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Chi Bears #1
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wow, that's crazy high interest rate
most home loans are going for 5.5-6.0% these days |
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