Posted by Cedric Rodebaugh on November 25, 2008 at 11:45:01:
Southern Granville county, North Carolina
refi for moble home/land - Posted by Cedric Rodebaugh
Posted by Cedric Rodebaugh on November 25, 2008 at 10:50:26:
Hello all,
First post in this forum.
My local bank has held the note on a rental moble home and 1-1/2 acres of land for a number of years. This is a commercial loan that came up for renewal in November. Well, they just called and told me they were NOT going to renew and the remaining balance was due on Dec 6th.(something about they’d just been acquired and the new bank that owned them didn’t do that sort of loan)
This, I can understand but… 12 days notice???
I have had the property appraised at 38k and the remaining balance is 20k. Does anybody have an idea of where I can get this refi done in the time remaining? I just MIGHT be able to use my HELOC to pay the note off and buy some time until I can get the refi, but I can’t hold that balance on my HELOC forever.
Any ideas?
CedricR.
Re: refi for moble home/land - Posted by Don-NY
Posted by Don-NY on November 26, 2008 at 08:10:40:
You say it came up for renewal in november, when in November? A phone call is not proper notice. If the loan is in good standing at this time and if the renewal date past before they notified you (which they have not done so in writing) then I would check the contract over closely. Then if you are in the right let them know you intend on keeping the loan in place and they have no legal right to call it because they did not give timely notice. I suspect they would be very hesitant to go to court over a 20,000 loan in good standing that they screwed up on. Just keep making the payments.
Re: refi for moble home/land - Posted by Greg
Posted by Greg on November 26, 2008 at 06:45:01:
Why can you not leave it on your HELOC. It should be tax deductable and having the flexability to only pay interest greatly increases your positive cash flow.
Is your HELOC required for other investments.
Re: refi for moble home/land - Posted by ShawnNC
Posted by ShawnNC on November 25, 2008 at 14:02:36:
Hello Cedric,
I sent you an email - go by Union Bank & Trust in Oxford (or one of there other branches in our area - I live in Franklin County) and talk to them about a refi. They work with investors and mobile/land financing.
Let me know how it goes.
Shawn
Re: refi for moble home/land - Posted by Dr B(OH)
Posted by Dr B(OH) on November 25, 2008 at 13:57:05:
Cedric,
I think you answered your own question. Pay it off with your HELOC then you can relax and look for a good refi. Otherwise you will be in too much of a hurry to find good refinancing. Even if the refi appraisal doesn’t come in as high, leaving a small amount on your HELOC for a year or two until better financing comes along is still better than losing the thing.
Steve
Re: refi for moble home/land - Posted by Shawn Sisco
Posted by Shawn Sisco on November 25, 2008 at 11:06:35:
where is the property?
Re: refi for moble home/land - Posted by joe-ga
Posted by joe-ga on November 28, 2008 at 05:33:16:
got the same treatment from a bank here… they were sold to suntrust…I was given one billing cycle on their monthly payment schedule to pay it off… balence of about $20K…on a 3 bdrm house and 3 acres… appraised at $101,000.I walked down the street to the next bank and got the cash to pay them off and got the loan there…Always be prepared to pay off a HELOC or other loans with all the bank mergers… always get you an ace in the hole.
Re: refi for moble home/land - Posted by Cedric Rodebaugh
Posted by Cedric Rodebaugh on December 04, 2008 at 03:42:18:
Thanks for all the responses. Yeah, I need to use my HELOC here in a few weeks/months to pay the balance on a modular we’re building. Of course, the draw on the construction loan will re-pay the HELOC in just a few days, but I will need those funds for that short amount of time.
Timing is EVERYTHING isn’t it? 
CedricR.