Posted by Steve-WA on September 01, 2003 at 22:20:36:
you go to bank. bank puts your name on the loan. take over payments; you just pick up - assume - where they left off.
In many MH situations, this is a bad thing. The home is often worth less than what is owed, or, what you have left to pay off the loan.
Assume the loan - Posted by Jerome
Posted by Jerome on August 10, 2003 at 01:20:31:
I posted on this site a couple days ago about how to obtain a MH and got some good advice. Thanks Lyal and Steve. My field is investing in SFh and I think for now I’ll stay there, However; there is a MH that is 5yr old look to be in great shape as for my eyes can tell it a 3/2 with a shed the owners would like for some one to assume the loan through any form of technique possible as long as it legal. The loan note is 25yr @ 10.5% the payments are $288.42 a mo including taxes insurance, Lot rent is $275.a mo. 20yr remaining. I do not know how great a deal this is or not but if anyone is interested e-mail me and I will try to accommodate you with any other info or documents you may need. I Thank you all and this is a great site for learning about MH as well as all the other Creonline sites.
Re: Assume the loan - Posted by Cynthia Dowler
Posted by Cynthia Dowler on September 01, 2003 at 18:52:52:
will u please explain assume loan to me and how it works.
Re: Assume the loan - Posted by Phil Pelletier
Posted by Phil Pelletier on August 12, 2003 at 13:02:38:
Walk away. Those people are looking at a real problem. They basically have a twenty year CAR loan, paying their payment on a depreciating asset. They need to move the home to their own land (If they can find land and the cash to move the home), or they need to give the home back to the lender and take the credit hit for a few years. They can also live in the place while they look to solve their problem. Don’t make their problem your problem. They are trapped and the only way out is with cash to move the place, or simply giving the home back to the lender.
Phil Pelletier