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wilton
Posts: 1
Registered: ‎10-08-2009

Where can I look for a loan using a mobile home as collateral?

My FICO is in the 500s.

 

I am looking for a loan of approximately $13,000.  My mom will be moving to an assisted living apartment and her short and long-term insurance will pay the bulk of her bills but it will take about three months before they start reimbursing us.  We need to pay first and last up front.  I am figuring that realistically it will be two to three months before we start seeing any reimbursement so we also need to have the bulk of the next couple of months after that. 

 

I own a mobile home but not the land.  I am looking for a loan using my mobile as collateral. 

 

Thank you for any guidance.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Where can I look for a loan using a mobile home as collateral?

Have you tried your local CU or local bank yet? Any feedback from them?

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: Where can I look for a loan using a mobile home as collateral?

[ Edited ]

where are you?  some states are mobile home friendly.  some are not.  having land is easy finance.  park is not so easy.  there are mobile home lenders.  it's a special finance.  google it.

 

are you in a co-op?

Message Edited by casinoannie97 on 10-09-2009 01:44 AM
Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008

Re: Where can I look for a loan using a mobile home as collateral?


wilton wrote:

My FICO is in the 500s.

 

I am looking for a loan of approximately $13,000.  My mom will be moving to an assisted living apartment and her short and long-term insurance will pay the bulk of her bills but it will take about three months before they start reimbursing us.  We need to pay first and last up front.  I am figuring that realistically it will be two to three months before we start seeing any reimbursement so we also need to have the bulk of the next couple of months after that. 

 

I own a mobile home but not the land.  I am looking for a loan using my mobile as collateral. 

 

Thank you for any guidance.


The fact that like many mobile home owners you do not own the land on which it sits is gonna make it very difficult at best.  A house or a car can be used as collateral because the lender can take it back and recover their money by selling it if the borrower fails to pay.  But a lender who repossesses a mobile home that sits on rented land then risks getting stuck paying rent for the land on something they cannot sell.

 

Taken in conjunction with your low FICO score you face a severe challenge borrowing the needed cash, I fear.

 

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