Expert: Dick Dennis - 6/18/2006

Question
My wife and i live in a single wide mobile home in a park. We want to buy our first house. She had bought this 3 yrs before i met her. The trailer loan is twice as much as the value. ie: 20000 pay-off amount, its worth 10000. Can i or is there a way to roll the debt into a house loan? Subletting is not allowed here so that option is out. We want out from under it totally. We dont have the money to make up the difference in what the trailer is worth versus the loan pay off. We always used our tax refund to pay down the balance of the home but this year we want to use it as a down payment instead. Any advice you can give would be appreciated.

Answer
Try this idea: Go to your lender who has the loan on the mobile home. Tell them what you'd like to do. They will probably say they would want you to sell the single wide and get the best you can get. Then, if they are willing, may put what you owe on the loan you would have on the house. Be aware that because they would know that they have you over a barrel, their interest rate might be higher than usual. But at least it is a step in the right direction.


I wish you well.

Dick Dennis           dixiedee13@aol.com