Owner Financing With A Current Mortgage?
Is it possible to owner finance a mobile home with a current mortgage? it is a 2000 yr. mobile, we have lived in it for 4 and half years. We are about to buy and house and would like to sell our mobile home, but we owe more on it than we would probably be able to sell it for out right. I have been told that it would be difficult to sell or get anyone to refinance my balance. Any suggestions? Our contract states that I am not suppose to rent or lease the mobile home, it must be sold out right? Can the mortgage company stop me from leasing, renting or owner financing? I would prefer to leave the mobile home in the park where it is located instead of moving it, it would be more cost efficient for me than moving it. Any help greatly appreciated. Thanks 
Did you ever get an answers? i'm in the same situation,almost. Just wondering if you have come up with anything yet.
I would look at where your lender is. Unlikely they will come to your home town from a distance away if your payments are current. That is what I have found. I have done many "wrap arounds" and have never had a problem.
mnipul8r,
Glad to meet you.
Are the peaches still as great now as they were when I visited Hurricane to purchase them, I can even pronounce Hurricane like a native. LOL
Yes, mobile lenders only are interested in the payment being on time, they diffinately don't want the units back.
John $Cash$ Locke
Yes you certainly can, and yes your contract does most likey say it, and yes you would be in default thus they would have the right to accelerate the note...
But NO they dont want it back.....
The reason for this is, they are foreclosing on them by the thousands every year from people that cant make their payments.
If your payment is coming in on time each month why in the world would they want it back.
I have done this on many a MH in fact I made an offer on one today.
Some investors stay away from these as there is little to no equity, but I have on some deals ways of pulling a nice profit out of them.
I am in GA, but I get offers to do them all over the us. I have done many in OK, NC, GA, AL and many other places.
If the deal is right I will jump on it.
So yes is the answer and sorry for all the rambling
MarkB