Mobile Home HELOC

Are there any lenders that would issue a line of credit on a mobile home that sits on a rented lot? Or would I do better trying to refi and pull cash out?
Thanks
Wayne

Comments(8)

  • ray_higdon7th April, 2005

    Depending on how old the mobile home is, you may have a tough time doing either.
    [addsig]

  • cjmazur2nd April, 2005

    some of the credit management tools will analyze your score and suggest actions to improve your score.

  • cantwaitown2nd April, 2005

    I have had success with improving my credit scores by doing just what ray said, it takes time, be patient and it will improve. reports i believe are only updated quarterly, so even once something has been fixed it may not show up right away.

  • ray_higdon2nd April, 2005

    Yes, as ceinvests said, you get dinged for over 50%, a little dinged for over 30% and get positively dinged for around 1-0%.( So long as they are active (used at least once in the past few months))
    [addsig]

  • REInvestorInTally2nd April, 2005

    When one puts money into a bank acct or a cd, once they get the secured loan, can then then use the money in the bank acct or cash the cd once it matures? Thanks, Tim

  • donna45002nd April, 2005

    hey thanks ray for that advice. i think i will do the secured loan against cash, and keep building from there. great advice

  • realski5th April, 2005

    ray_higdon

    where did you find this software you mentioned.

    Thanks for your imput.

    mjo

  • PaleRider8th April, 2005

    Go to http://www.FTC.gov and type "ein" in search window. The first hit is an article about this being illegal and a scam.

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