Can you help my mother in law? MH Refinance. - Posted by Stacy (AZ)
Posted by Stacy (AZ) on January 27, 2000 at 11:52:18:
My mother in law is coming up on a deadline to refi the home she’s living in. It’s a 40 year old motor home and a 1 acre lot. The MH is permanently anchored, and has a large addition built into it.
The previous owner bought from the original owner, using a wrap. My mother in law then paid the previous owner some cash, and assumed the wrap. The wrap has a five-year balloon that is coming due in a couple months. She owes $90K, and the home and property are worth at least $120K. The original owner is chomping at the bit to get this property back, and will not adjust the terms of the wrap.
I’ve referred her to two mortgage brokers. Neither of them can refi a 40 year old MH. She has put a lot of work into this place (it really is very nice now), and doesn’t know where to turn.
I thought of creating a new note, and trying to sell the note for the needed cash, but am not sure if there are MH note buyers that would be interested in a MH this old.
Any ideas? We’re all getting a little desperate.