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do i have to sell my mobile home before i purchase another home?

is there any way of getting around this if my income does not support both payments. Could i rent out the mobile home and use it as income. Don't think i will be able to see the mobile home since it is on a rented lot and my lender is not willing to reduce the price. What should i do?
  • February 10 2011 - Spartanburg
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Answers (3)

You also have to consider if your trailer  court would allow you to rent it out.  Some do not.
  • February 13 2011
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Hello,
  My advice is to first contact a Real Estate Agent in your area to let them see your property and prepare a comparative market analysis for you.  Who knows, your property may be worth more than you think!
   Secondly, if it is not and you owe more than what it is worth - contact your lender again.   If you are considering a short sell let a real estate agent help you with that as well, they will be able to guide you through this process and be a great contact for the bank.  
    A third thing you can do is contact several lenders and see what they can offer you.  They will be glad to evaluate your situation and let you know what your options are. It is really easy to give up after the first few no's, but Don't!!  All this advice is assuming you have to move - or really want to. If you don't and your property turns out to be worth less than what you owe, you may want to sit on your property a little longer to avoid having a short sell on your credit. 
Hope this helps and don't be afraid to keep trying if you don't get the answer you want to hear on the first, second, third.. you know where I'm going with this! :)  Please let me know if there is anything I can do for you!
Very Respectfully,
Brandy Bradley
Home Shop Realty
803.669.1011
brandybradley1@yahoo.com
Citadel '08
  • February 11 2011
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With the new restrictions on loans most lenders want you to show a history of rentals in the past and at least 6 months on the property that you want excluded. Then they only count 75 percent of the rent paid. So the short answer is that you most likely will not be able to qualify but talk to your loan officer and I am sure that is what he or she will tell you.
  • February 10 2011
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