Prevent Mobile Home Foreclosure With Loan Modification Program. March 13th, 2009 by Adam. Mobile Home in Arizona. When mobile homes were first being sold, most did not qualify for traditional mortgages, as most lenders treated them much … However, as more people began buying mobile homes and they became more a part of the landscape, lenders became more acceptable to providing financing and when a homeowner could not make their payments, mobile home foreclosure began as …
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Prevent Mobile Home Foreclosure With Loan Modification Program
I have read your article and it really doesn’t say anything about Loan Modifications for Mobile Homes or Manufactured Homes. It just gives details on what happens in foreclosure procedures on them.
From another page I read that unless the home sits on a foundation then these homes don’t qualify. I own a 2002 Manufactured Home (bought new) and no it does not sit on a foundation, but I do pay property taxes to the county of Los Angeles Tax Assessor. I must maintain the landscape, keep the home in excellent condition and etc, I also pay a space rental and utilities, which average to about $790.00 in the summer months. My mortgage payment is $866.00, which combined comes to $1656.00. This does not include homeowners insurance, auto insurance, health insurance, upkeep of the home such as heater repairs, oven or fridge and the outside of the home. Nor does this include medical deductibles, food, traveling expenses to and from work or doctors appointments.
My income has fallen to below 30k a year and my spouse is in remission for cancer and due to the surgery, chemo and radiation is unable to work. So what is a person in my situation to do and yes I’ve already asked my loan company about the re-modification program and they say I don’t qualify because I am in a manufactured home. I am now at my wits end and I’m tried of borrowing from Peter to pay Paul and so on.