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Rented Land Problem |
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Dear Edith: I have had a problem for nearly five years now. We purchased a mobile home in a hurry, and I foolishly used credit cards for the purchase, assuming (oh I hate that word) that I would consolidate after settlement and pay the credit cards off. The home is worth more than we must borrow, and we have excellent credit, but I didn't realize banks will not loan money using a manufactured home on rented land for collateral. Do you have any suggestions? |
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It's true that mortgage loans are made only on real estate, which means land. Most mortgages, if you take the trouble to read them, don't even mention the buildings involved. If you don't own the land, your home is considered personal property. Perhaps you can shop around for some of those credit cards that offer lower rates, even if only for a few months. As you have excellent credit, you could also try talking with your bank about a personal loan. |
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Edith
Originally published on June 5, 2005 |
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