Posted by Kristen on July 08, 2002 at 06:48:21:
The house appraised for 76000 2 years ago. It sits on a 3/4 acre corner lot with fenced yard, storage shed, and an add-on room. I could probably rent it for 650 but I still would be under what the payments are each month.
What should I do with this house? - Posted by Kristen
Posted by Kristen on July 07, 2002 at 11:12:30:
I have a doublewide mobile home that will be vacant after July. I have a 376 payment on the first mortgage and a 400 payment on the second (we used the second mortgage to help build a house for ourselves.) The total owed is about $62000. I want to know the best way to at least come out even in the payments each month. I was thinking a lease option or owner financing but can I do this still oweing on the house? Any advice would be extremely helpful. Thanks!
Re: What should I do with this house? - Posted by Space Available
Posted by Space Available on July 08, 2002 at 17:45:02:
I’d refinance the two existing loans into a new first mortgage. Even with a (short) fifteen year term, the P&I is just $557.28 @ 7%.
Re: What should I do with this house? - Posted by JohnBoy
Posted by JohnBoy on July 07, 2002 at 12:09:58:
The total owed is $62,000.
The question is, what is the property worth???
I assume this is a doublewide MH on its own land that you own…correct?