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tenacitasinc
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Posted: Fri Sep 16th, 2005 02:04 pm |
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I don't have your solution, but let me tell you your problem and you may can find your own solution. I'm talking to you now from a collections standpoint, not as a landlord. (By the way, I own a collection agency, so this is where this info comes from)
Your problem is not your credit score, for it's great. Your problem is basically that you are "uncollectable". If you buy this 29K mobile home, once it's moved off of the lot and set up, it's probably worth 12-15K at the most. So... right off the bat, you have a product that has no value if you do not pay for it. Now on to you... with your source of income being disability, if you do not pay, you can't be touched. I can't garnish your wages (you don't have any), and no court in the land is going to let me touch your disability payments. That being said, remember that a lender is looking for someone that can pay, but if they can't pay, they must be able to recover the maximum value for their money, and your situation is not it.
I know this is not the info that you want to hear, but at least you now know where you stand.
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rustydog
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Posted: Fri Sep 16th, 2005 05:25 am |
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I am having problems with financing and it just about has me, along with my family and friends, in tears.
I am on disability and I only get $600 per month. The good news is that I have a good credit score of 742 and if I didn't have my current mobile home payment my debt to income ratio would be 0. I don't have a car payment, credit card payment or any other loans.
I currently live in a single wide mobile home on a rented lot. My dad just purchased a beautiful level lot and offered to let me live on it. The problem is that single wide mobile homes aren't allowed in the area where the lot is. I didn't think it would be a problem to trade it in on a doublewide but I quickly found out just how badly my income limits my ability to purchase.
I decided to look into used or repossesed doublewides that are MUCH less expensive, but most of the lenders require an income of at least $1000/month which I am far from having.
I did find one company that would consider financing me if my current mobile home was sold, but I am a little hesitant about selling my home before I have another one even picked out, not to mention financed, plus I doubt that single wide mobile homes are the hottest thing on the market, so it might take a while to sell it. I still owe $5000 on it.
I checked into having a home built on the lot but the estimates were anywhere between $80,000 to $115,000 just for a basic home, which is way out of my price range.
I found a mortgage calculator online. The mobile home that I'm looking at is $29,000. With 10% down at 9% interest for 25 years the payments were around $211/month which is exactly what I'm paying now with my payment and rent combined and I don't have any problems at all. I have never missed a payment or even been 1 day late for the whole 5 years I've had my home. I also pay all my bills on time and when I had a car payment last year I payed extra and payed it off early.
It seems like I should be able to get some kind of financing with my good credit history, but it's looking worse everyday. My dad offered to co-sign but none of the lenders seem at all interested in this idea. I suggested that he just buy the home and rent it to me but he doesn't want to do that.
Is there anything at all I can do?
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