Expert: Michael McClure - 5/21/2009

Question
We have 2006 high end home for sale in a park where we lease the space. we lived in it for 3 years, and have now bought a regular home, and paying two mortgages. I have buyers, but they cannot get a loan at this time due to past credit. they make good money and can afford to pay me some down, and decent payments. the park does not allow me to sublet, so it has to be a sale.what do we do? is this a contract for deed? buyers are in military, and are working with VA to repair credit and get loan, within 18 months, but I don't think my mortgage company will accept my selling. how do I proceed?

Answer
Hi Ralph....forget the VA, as they will NOT make this type of loan, and certainly do nothing regarding credit repair!
OK first off...if you still owe $$ on the home, the mortgage must be satisfied with the current lien holder.  If you pay off the motgage., you then can carry the NEW loan yourself, at any rate and terms you wish. You can place yourself as lien holder to secure your position.
In this case you will want to see if the park will approve them before you do anything!  They will make or break the whole deal.

Let me know if you need anything else...."~ M