Mortgage Modification and Manufactured Homes
by Lydia and Dominic
Ask Kate: Mortgage Modification and Manufactured Homes Hello Kate, my husband lost his job back in January. He is 63 years old. We have been living in a manufactured home retirement community for the last 6 years.
Our mortgage payment is $740. Plus between the two of us we probably have about $50,000 in credit card debt. Our salary together has been cut in half.
There is also rent space here of $580 a month. We do not own this property but we do pay taxes on it. Does this stimulus loan modification include manufactured homes?
Thank you for taking the time to answer this. Have a good day, Lydia and Dominic
Kate Answers: Mortgage Modification and Manufactured Homes
Hi Lydia and Dominic, First of all, if it is any comfort, you are not alone. Thousands of Americans across the nation are finding themselves caught with a mortgage no longer affordable.
Having just perused the government's Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP) website again, I am coming away convinced the guidelines rival the IRS code.
Keeping that in mind, I don't have your specific answer. In fact I now have more questions. But let me see if I can point you in the right direction for a solution.
Do you know who your loan servicer is? If not here is a guide
I have written to help with that. Using the guide, locate your servicer and call their toll free phone number. Ask about the mortgage modification program through HAMP.
But please make sure you tell the representative upfront that you own a manufactured home on leased land. If either you or your home does not qualify, ask for another plan and/or suggestions.
I hope you and other Readers will visit Thinking about Mortgage Loan Modification?
for more considerations regarding mortgage modification. Bonus: This page also links to my series on how to avoid foreclosure.
Also, the links at the bottom of this page lead to other pages on my website with practical information for building, strengthening and recovering credit.
Take a moment to bookmark Mortgage Modification and Manufactured Homes
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Lydia and Dominic, please come back and visit often. Help me spread the word by sharing my website with your friends. Remember, all of my information is free!