i need help.have a family and we are about to lose our double wide cant aford it anymore bank will not help.kysimpson68@connectgradd.net

Asked by Wade, Ohio County, KY Wed Aug 3, 2011

green tree will not refince and says do not qualify for any govement help.my wife has serious health problems and i just can not offerd the 12 plus % intrest loan any more.looks like have to let home go back can someone please give advice cant offerd an atterney right now.

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Regina Meyers, Agent, Louisville, KY
Thu Aug 4, 2011
call Tom Cox at 502-222-5212 x 1005 or his cell 502-643-3962. The 800 # for his office is 800-247-8182 x 1005. He is a ReMax Broker that is certified in working with people in situations such as yours. You may be able to do a short sale. I am confident he will do all he can to help you. He is a compassionate and knowledgeable fellow in the business of helping people-just happens he's a real estate agent.

Regina Meyers
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Don Tepper, Agent, Burke, VA
Wed Aug 3, 2011
Can you sell it? Obviously a cash sale would be best but mobile/manufactured homes sell a lot quicker if you're able to offer seller financing. Because there's a mortgage on it, you can't do it as cleanly, but it could be structured as a contract for deed (or, in this case, probably a contract for title). And you can get more money because people typically look at monthly payments, not the total purchase price. So--just making these numbers up--let's say you owe $20,000. You could try selling it for $20,000. Or offer it on terms: $3,000 down and $300 a month for 7 years. (That's charging 12% interest.)

Or find an investor to pay all cash, if you don't owe much. Let's say your double-wide typically would sell for $20,000. If you owed, say, $7,000, sell it to an investor for $7,000 cash. He's put in a few thousand dollars and sell it on terms. For instance, he might price it as: $3,000 down and $300 a month (same numbers as above). However, because his investment was only $7,000, his return on investment would be around 32%. That's enough to get the investor interested in buying it.

Hope that helps.
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