You Can Refinance Your Mobile Home Even With Bad Credit
I've got a great friend, super guy.
He bought a mobile home about seven years ago.
He had a decent job, but he and his wife wanted all the toys, new car, new truck, new boat and so on.
He had it all.
I was envious of him, because he had everything that I wanted but didn't have.
I didn't know it at the time, but he was living way beyond his means.
Whenever he received a new credit card offer, he took it.
It wasn't long before he started having more monthly bills coming in than he had income to pay them with.
The money problems led to other problems.
He and his lovely wife soon started fighting about money.
They both realized they needed to cut back, but they just didn't know how.
And then disaster struck, his wife got sick and had to quit work.
Now they only had one income coming in.
I watched my friend sell his boat, his motorcycle, his new truck and all of his expensive new toys.
He had to get by with a used car, and barely was able to make payments on it.
He got behind on his credit cards and next thing he knew, he was in real financial hurt.
He went to credit counseling, and was able to get his creditors to reduce his payments.
He was able to get a second job, and by scrimping and cutting corners he was able to get out of debt.
But his credit rating had taken a terrible beating.
He had fought a long hard fight for about three years, but they came out of it.
Well, his old car finally gave out on him and he needed to get a newer used car, but his credit was so bad that the car finance company wouldn't loan him the money.
My friend was resourceful.
He owned the land that his mobile home was on, so he went to the bank looking to refinance his mobile home.
The bank took into account that he was working hard to pay off all of his credit cards, they acknowledged that he was up to date on his payments.
But the deciding factor was his mobile home and land.
They were willing to refinance his loan using the land as collateral.
Well, to make a long story short, my friend was able to get a better car because he had worked hard to restore his credit history.
He proved that you can refinance your mobile home with bad credit, you just have to be creative and work with your banker.
He bought a mobile home about seven years ago.
He had a decent job, but he and his wife wanted all the toys, new car, new truck, new boat and so on.
He had it all.
I was envious of him, because he had everything that I wanted but didn't have.
I didn't know it at the time, but he was living way beyond his means.
Whenever he received a new credit card offer, he took it.
It wasn't long before he started having more monthly bills coming in than he had income to pay them with.
The money problems led to other problems.
He and his lovely wife soon started fighting about money.
They both realized they needed to cut back, but they just didn't know how.
And then disaster struck, his wife got sick and had to quit work.
Now they only had one income coming in.
I watched my friend sell his boat, his motorcycle, his new truck and all of his expensive new toys.
He had to get by with a used car, and barely was able to make payments on it.
He got behind on his credit cards and next thing he knew, he was in real financial hurt.
He went to credit counseling, and was able to get his creditors to reduce his payments.
He was able to get a second job, and by scrimping and cutting corners he was able to get out of debt.
But his credit rating had taken a terrible beating.
He had fought a long hard fight for about three years, but they came out of it.
Well, his old car finally gave out on him and he needed to get a newer used car, but his credit was so bad that the car finance company wouldn't loan him the money.
My friend was resourceful.
He owned the land that his mobile home was on, so he went to the bank looking to refinance his mobile home.
The bank took into account that he was working hard to pay off all of his credit cards, they acknowledged that he was up to date on his payments.
But the deciding factor was his mobile home and land.
They were willing to refinance his loan using the land as collateral.
Well, to make a long story short, my friend was able to get a better car because he had worked hard to restore his credit history.
He proved that you can refinance your mobile home with bad credit, you just have to be creative and work with your banker.