Ken B
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You will probably want to look at homes that are for sale by owner that will accept a land contract (not sure if this is just a Michigan Term). The odds of finding a suitable home will be greater if the seller can finance it for a period of time. You can structure the agreement to agree that you will refinance within a period of time (2-5 years) in order to get your other debts/credit cleaned up. The key to making this work will be your dilligent efforts to get your credit straightened out and live withing your current means. |
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CHARISSE
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You dont... you rent until you are finished cleaning up the mess you made |
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mark
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That's the whole problem with this country today. People that cannot pay, and should not be allowed to borrow were given money to buy houses that were overvalued.
Forget it |
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Mr. Bugsme
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You don't. |
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AMY
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What you 'want' right now, may not be priority. You cant afford to do what you would like, so make some goals, get caught up with everything, and then realistically look at what you can AFFORD. Go from there. Good Luck!!! |
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Christin K
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You are not eligible for a mortgage at this time. You don't own real estate when you own a mobile home--they are not considered real estate, but property (like a car). If you are behind in the payments, your credit is already too risky for a mortgage. You already know you have poor credit scores, so why are you even asking if you can get a mortgage? You are not eligible. You need to catch up and remain current on your mobile home payments, and you need to clean up your credit score and show that you have responsible habits, and you'll need to have these for more than a year before you can even THINK about buying a house.
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blackfeatherbird
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You don't... all of this will show up on your credit report when you try to apply for a new mortgage loan. The best thing you can do is pay the money owed in arrears, get caught up to date and then refinance the home that you already have to a home of equal or lesser value. Chances are, that you will not receive a loan of a higher amount if your credit is poor. |
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John M
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What are you smoking?
Pay your debts. Live humbly until the people you promised to repay have been repaid. Be thankful you have a doublewide and not a crappy apartment on the bad side of town.
If you lose your double wide and have to find a new place to live, you can ask sellers if they will give you a lease with an option to purchase. That's probably the only way you can get into a property and develop an ownership interest over time, the way things are today. But be careful about people offering lease/options up front. Those can be written to be very favorable to the seller. |
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thunder2sys
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you don't. Nobody will loan you a dime. Do you watch the news and hear about what is going on in the financial markets? Alot of it has to do with giving out loans to people who can't pay. Rent is your brest option!!! |
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zachwilliam2003
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Cash |
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Sybil C
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Get caught up with your bills and get your credit straightened out. No one is going to give you a loan if you already have problems paying for what you have. Living in a mobile home isn't the end of the world. |
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Alterfemego
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I'm sorry but owning a home is a privilege, not a right. If you can't afford a home, then your only alternative is to rent. You need to face the fact that you are to blame for your situation and credit and you are the only one who can repair it. So stop whining and start working to repair your credit so you can buy a home. |
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kimmelheimer
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If you are behind on your payments you either need to get caught up and stay there, or sell and rent until you have saved money for a down payment on a new home and cleaned up your credit. No one will give you a mortgage until you show willingness and financial ability to make the payments. Be realistic. |
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Pengy
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That is not going to happen. Poor credit behind in payments, no down payment and closing (if you did have them you would not be behind now) Going to have to catch up on payments and clean up your credit score before you can even think about getting another home. Sorry but is reality. |
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Blood Thirsty Pirate Mothah Fuka
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Maybe save money by not having a computer or internet.....ohhh didn't think of that did you. |
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subijmt
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This is what lenders call a "Buy and Bail" situation. You are looking to buy another house and let the other get foreclosed on. Shame on you! You will not get a loan for another home when you are currently behind on your payments. If you cannot afford the payments on a mobile home what makes you think you can afford payments on a new house. Not to mention that you will have to put some money down on a new loan as there are not any 100% loans out there right now. Where are you going to get the money for down payment if you cant even afford your current payment?
I would recommend that you change direction and start researching options to help you catch up on your payments. Possibly a loan modification or the "hope for homeowners" program. Call your lender to see what they would be willing to do.
Check out this link on HUD.gov for details: http://www.hud.gov/hopeforhomeowners/consumerfactsheet.cfm
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Jenn
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If you were in a home you could sell it and use the equity to pay off bills etc but when you live in a mobile home, more times than not its not worth what you owe so you will probably have to just budget and slowly pay off bills and get your credit up before you can buy a home. Good luck |
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