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Loan Modification Handbook

Most lenders view the manufactured home loan as a “nuisance” loan. No matter what kind of manufactured home you have (even if it has tile roof and drywall interior), you’re going to be lumped into the “trailer” category in the mind of the loan officer. This is just a “loser loan” for him. A lot of work, and not enough commission! Plus there are so many compliance hoops to jump through and the compliance checklist is often daunting to the novice. And for the typical lending office, very rarely do the support staff know what they are doing. The processors don’t even understand the vocabulary much less the fine details, appraisers sometimes submit their data on the wrong form and even underwriters often fail to manage the file properly.
Borrowers complain that a new hiccup appears almost daily—-and the loan seems to take forever. Then there are the fine points of the flood zones, if the home is serviced by wells and septic, finding comparative comps, missing HUD plates, IBTS letters, metes and bounds, missing a data compliance plate, dealer to site verification and the list seems endless. Oh and let’s not forget about the real doozy— the foundation certification.
FHA loans on manufactured homes, whether new construction or existing, new loan or refinance, require an engineer’s stamped certification that the foundation meets the requirements of The Permanent Foundation Guide to Manufactured Housing dated September 1996 (PFGMH) aka THE HUD HANDBOOK /BIBLE.
This is a nightmare for borrowers and lenders because the HUD Handbook is even misunderstood by most engineers. When confronted with a non-compliant foundation, most homeowners say, “But my home met all the local requirements of the building department when I bought it in 1983!” Unfortunately compliance with the local building jurisdiction is not evidence that the home meets the national standard. Because requirements vary from city to county to state, the certification letter establishes some semblance of continuity. Engineers even have conflicting opinions because the handbook is vague, contradictory and very unclear on exactly what is required and what is not permitted. Essentially it is opinion-based and two different engineers can look at the same foundation with different results.
Are your eyes glazed over yet? We won’t even start on the appraisal and all the details associated with that because that would lead to a whole new laundry list of issue. First things, first, if you need a manufactured home loan, make sure your home qualifies:
The basic checklist starts with the following:Must have a floor area of not less than 400 square feet. So if you are living in a “park model”, it’s not going to work.Must be classified and subject to taxation as real estate.

The next thing you need to do is to team up with a
manufactured home loan specialist
. The big recognizable name houses are often the very ones that consider your home a “trailer” and don’t have the support staff to take the loan from A to Z with ease. Get straight answers and professional expertise right from the beginning by using a company that has resources in all aspects of manufactured housing.
About the Author:

Ray Henke elucidates about loans on manufactured homes. Visit themanufacturedhomelendingsource.com get assistance on manufactured house lending,mobile home purchase or refinances and FHA loans mobile homes.

Article Source: ArticlesBase.com - Manufactured Home Loans: Facts for the Borrower

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Mortgage Help Bad Credit

Question: where can i take out a second mortgage? with bad credit?

we have a lot of debt and would like to take out a secound mortgage. Where could I look with somewhat bad creidt? I know dont say get ur spending under control becouse we have and have cut them all up but still need to pay off.. so where could I look?

Answer: This question brought the wolves out of the closet, to be plain and precise nowhere. Question is how much equity do you have in your home? If you have less than20% then your options are pretty much nil. In todays market the subprime loan market is gone, the Alt-A is gone, and the prime is under tougher standards. If by chance you do find a loand shark, and they are out there willing to loan you money be prepared to add yourself to the milions that will be facing foreclosure in the nex few months.

A Bad Credit Home Mortgage Refinance Loan Can Help Your Family

Loan Modification Credit Card

Question: How many missed payments before loan modification?

I am in a financial crunch, and my lender wont help me because I have been current on my mortgage payments so far, but I have been calling to let them know that I make mortgage payment on my credit card and once the limit runs out I will not be able to make payments anymore..well the time has come and I am not going to be able to make payments anymore... how many months can I stay before they will even look at me and help me adjust my mortgage to where I am able to continue paying it? My mortgage is about 55% of my income..and also how bad does missing payments effect your credit?

Answer: Unfortunately, I'm afraid that you do not have the income to support this loan, even if the loan were modified. 55% of income is quite a bit for mortgage expenses. Tack on taxes, utilities, and other living expenses, and you are looking at close to 75% of income. I'm afraid that the bank will see that and view a short sale as the only option.

TurboMod - Loan Modification Software