Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs:
 ·Embarq
| Loan on a trailer?
Anyone know of a bank that will put out a loan for a trailer? My house is currently co-owned between myself and my step-father. He took the loan out using one of his let houses for the collateral. I am now trying to get it purely under wife and I's name so that his let house will be free from the banks.
When I initially looked in to doing this I was not able to find anyone willing to do a loan on a trailer. I can only imagine the situation is much worse now.
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"Padre, nobody said war was fun now bowl!" - Sherman T Potter
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Juke Box
Free From Marketing
Premium
join:2001-01-29
Bar & Grill
 ·Comcast
·AT&T Southeast
| I would think that mobile home sellers have differing financing options through various banks and lending institutions.
Are you trying to get a loan large enough to cover the mobile home and your portion of your loan with your step father?
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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs: | Right now the loan is fully in his name with his rental house as the collateral. I need the loan to be fully in my wife and I's name to cover the entirety of the existing loan. |
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Juke Box
Free From Marketing
Premium
join:2001-01-29
Bar & Grill
·Comcast
·AT&T Southeast
| Oh ok. I was thinking that you were talking about two different entities. A place that is in your step dads name and a trailer.
All things being equal, there shouldn't be any problem with getting a mortgage as if you buying the place from your step dad.
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If you are having half as much fun as I am, then I must be having twice the fun than you are. Do The Math! |
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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs:
·Embarq
| What I'm needing is a bank that will finance it. A year ago I was not able to find one, which isn't to say that I looked that hard. I was just curious if anyone knew of a bank off-hand that definitely would finance a trailer for someone with good credit. |
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viperpa33s
Why Me?
Premium
join:2002-12-20
Bradenton, FL
·Bright House
| reply to Maxo
Don't know of any bank that will finance a trailer, not to say a bank won't do it. A trailer depreciates in value quickly which is why many banks won't finance a trailer. Of course you can try doing a Google search, that unless your looking for a local bank. |
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Hayward
K A R - 1 2 0 C
Premium
join:2000-07-13
Key West, FL
edit:
April 1st, @01:32AM
| reply to Maxo
And even beyond depreciation, no offense but FL is about the worst place to even try and do that in best of economic times, let alone now, given the storm risk on a trailer/mobile home, especially one maybe not properly tied down, and all those bank hoops to jump through, proving maybe it actually is, and then still not a risk they may want to take depending where actually located.
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»haywardm.com (Hayward's Key West)
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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs:
·Embarq
| reply to viperpa33s
Yeah, that's pretty much what they told me a year ago. This thing is 12 years old, so it's probably already lost most of the value it's going to lose. I got the thing for repo under $50k, so it seems like it would be relatively low risk, but I don't really know much about such things.
There's also the factor that Hayward  mentioned. Nobody wants to risk these things being blown away in a Hurricane. I didn't even want to go with a trailer for that exact same reason, but it was really damn cheap.
--
"Padre, nobody said war was fun now bowl!" - Sherman T Potter
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heels_fan
No Tag Needed
Premium
join:2003-02-07
Columbia, TN
| reply to Maxo
Maxo
Have you tried your local Credit Union?
I know they sometimes will loan or make mortgages that other banks will not.
Also, you might want to look at mortgage companies that will do manual underwriting. Sometimes those companies will write loans/mortgages others will not.
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everyone is born ignorant. some are born stupid, others achieve stupidity and the rest have stupidity thrust upon them. |
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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs: | My Credit Union has a no-trailer policy. |
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davidg
Good Bye My Friend
Premium,MVM
join:2002-06-15
Greenville, MS
clubs:
| reply to Maxo
a few years ago my wife and i were going to buy a trailer from a friend. the ONLY place we found that would do it was GreenTree Financial. if it is a double wide or bigger, then you MAY be able to get a local bank to do it. but single wides are not done by many places at all. the one we looked at was a large single wide, almost but not qutie big enough to be double wide, and 10 years old. they wanted 16k for it, which was pay off of the loan. it appraised at 7500.00 and there was nothign wrong with it. i could not buy into the negative equity so we let it go.
call up the local trailer sales places and see if they can recommend someone to do a refi.
also, when you talk to them, it is a manufactured home, NOT a trailer. trailers imply that is was made prior to '78-'79. back then there was no standard for construction, each company pretty much did what they wanted. manufactured homes meet national and local building codes. i have been told (though i am not sure if it is true or not) that this is one reason they no longer leave the wheels/axles on them.
how much money are you talking about borrowing anyway? you may have to take out a large personal loan and use the home as collateral. not a lower rate mortgage, but higher interest personal loan.
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Lack of Preparation on YOUR Part does NOT Constitute an Emergency on Mine! |
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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs:
·Embarq
| I like the word trailer. It allows for many self-deprecating jokes to be told. 
The loan would be ~$45K. Visiting a local 'manufactured home' dealer sounds like a great idea.
It is a double-wide BTW. |
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davidg
Good Bye My Friend
Premium,MVM
join:2002-06-15
Greenville, MS
clubs:
| do you own the land it sits on and is that a part of the loan? if you outright own the land, you may be able to get a loan on the land and get clear title to the "trailer"!
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Lack of Preparation on YOUR Part does NOT Constitute an Emergency on Mine! |
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Maxo
Your tax dollars at work.
Premium,VIP
join:2002-11-04
Tallahassee, FL
clubs: | Yes I do. I think we filed to have both pieces of property put on the same deed. I'll have to double-check that. |
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ureihcim
Freshly made
join:2007-12-16
Miami, FL
| Try »suntrust.com
They might be able to help you and give you a low interest rate for the trailer. Although they might look at you funny at first, I have done business with them before and have made exceptions to the rule as long as certain requirements where met. |
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