Since your business doesn't make a profit on paper, then between you and your wife, your wife would need to be on the loan so her $48k/year could qualify for the $80k home equity loan. I'd start with who you bank with, as if your home is really worth $242k (or even if it's only worth $100k) then an $80k home equity loan should not be a problem to obtain. You should check around with 4 or 5 banks, as you'll find the home equity loan terms will vary a bit from lender to lender. There should also be just very minimal or even no costs on that type of loan program.... more
Not as far as I know, the lowest I've seen is 10% down and you must have a very high credit score to pay only 10% down. Each case is different, depends on the age of the Mobile Home and your credit scores. Check with VUE credit union, Cap. Credit Union, Starion Bank, Dakota Community Bank and Gate City Bank to learn more about their programs.... more
I'm sorry to hear about your situation. At this point, I would suggest you immediately contact your lender directly to see if they can help you out with a modification. Visit this website for more information about contacting your lender. This program was put in place to help homeowners in situations like yours.