Posted by G. Brandon Crawford on February 27, 2007 at 16:43:14:
I believe the purpose of this site is for the exchange of useful comments and information. You demonstrated that you can neither read nor write. It is a 1982 MH. Now, suppose you referred a lender to me, that would be helpful. If the property appraises at $75K, a 75% LTV is right in the ballpark. Please, I am looking for good ideas and intelligent suggestions.
Using the PACTrust to convey MH w/Lot - Posted by GB Crawford
Posted by GB Crawford on February 24, 2007 at 20:48:12:
OBJECTIVE: Mom & Son wants $20K cash ($10K ea.) out of 1982 14’x40’ mobile home w/add on, on 60’x90’ pine lot w/2 out bldgs and RV space. $312 mo. now w/no property taxes (Americans w/Disabilities Act) & $35K loan bal. Appraisal @ $55K+. Trouble financing a solid buyer who lives on RV space. Mobile vacant now.
STRATEGY: Have Mom Refinance $35K bal for $55K, pocket $20 & Use the Cal-Equity PACTrust to convey to buyer OR Cuz Mobile in Mothers name, she may not qualify, so sell to Son for $55K, payoff $35, gift me $10K , then Use the Cal-Equity PACTrust to convey to the buyer to assume.
NEED: Recommend best solution. Referral for finance company. Feedback on strategy.
What state’s this in?nt - Posted by John Merchant
Posted by John Merchant on February 28, 2007 at 13:56:05:
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$55k loan on $55k property? - Posted by blogger
Posted by blogger on February 27, 2007 at 13:48:06:
I’d say you’re living in fantasy land if yuo think any lender is going to give mom 100% loan on '62 trailer.
In fact I cannot visualize any lender making the loan on that old trailer, no matter that it sits on it’s own lot.
Re: What state’s this in?nt - Posted by GB Crawford
Posted by GB Crawford on February 28, 2007 at 15:59:13:
Lakeside Arizona, to be specific. We have a referral to a “new” mortgage company (I don’t have thier name, but I think they’re out of CA, a realtor met a local LO that has this contact)that only requires 5% Down, and a high LTV.
Please forward any suggestions you might have, because the "fat lady " hasn’t sung yet!
Thank you.
GBC