Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mobile Home Park Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 17 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
N/A N/A
0
Votes |
1
Posts

Getting out of a mortgage

N/A N/A
Posted

Hello, my name is Mike. My wife & i purchased our mobile home back in 2000. It is our first house, so we were really excited at the time. Since we had no credit back then, we were charged a high interest rate...21%

Now 5 years later, we feel "stuck" where we are. Don't get me wrong, i love my house, and our park. its very peaceful & quiet here, and have very spacious yards\lots. However, lot rent has gone from $240-$345 since we have lived here. Its just getting a little ridiculous paying that along with a $300 house payment. Thats over $600 per month we are paying to buy our mobile home & rent our lot.

The bad part, we filed bankruptcy last year. We did'nt file on our home though..we kept that loan & reafirmed on it. I kind of wish we did file on our house though, because we may have been able to just start over agian with a new home someday, instead of stuck here with bankruptcy on our records.

We would like to get out of this mortage, and get a real house someday soon. Soon meaning, 2-6 years. Since our interest is so high, we are paying rouphy 50,000 for a 14,500 (principal cost) home! How do I get out of this mortgage? I know a lot of you will tell me to just go seek a realtor for advice, but i figured i could get some info from you first.
Everyone thinks a mobile home is so great to have, because its "moveable"...LOLLOLLOL They hav'nt considered the costs of moving a mobile home, its rididculous imo.

Thanks

Loading replies...