Home Buying in Coachella>Question Details

Duart Maclean, Home Buyer in Coachella, CA

I am the registered owner. The legal owner must be paid in full by April. There is no mortgage. Canadians not eligible for US mortgage w/o US visa.

Asked by Duart Maclean, Coachella, CA Sat Jan 1, 2011

If we do not pay the legal owner in full by April, do we lose not only the mobile unit but everything we've paid so far? Please clarify. Thanks

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Virtual opinion not to your benefit you need confer with a real estate attorney. Review terms and conditions of the executed agreement which governs what you can or can't do

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Jan 1, 2011
talk to Royal Bank of Canada. they do mortgages in the USA. not sure if they finance mobile home though.
0 votes Thank Flag Link Sat Jan 1, 2011
Duart: It's good you are asking this question a few months before your deadline.

If there is equity in the property you can search for a lender who does, equity based financing, also known as a hard money lender. The interest rates are higher and the length of the loan is shorter than the traditional mortgage loans but it could buy you some time. Here's a complete description: http://en.wikipedia.org/wiki/Asset-based_loan

Secondly, you can try to re-negotiate the terms of your current contract with the current owner. If you cannot pay all of it by April then perhaps the legal owner will take less with added interest. It's always best to be upfront with the owner, most times they will be willing to work with you, because getting less is better than nothing at all. Good Luck To You!

0 votes Thank Flag Link Sat Jan 1, 2011

This sounds like a question that would best be supported by additional information and the advice of an attorney.

Good luck,

0 votes Thank Flag Link Sat Jan 1, 2011
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