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Advice on Finances

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Advice on Finances - 9/16/2008 2:24:00 PM

Kailee05

Posts: 1
Joined: 9/16/2008
Status: offline

I would like to get advice on my husband and I situation. We have a moblie home that we bought back in 1987. We remortgaged in 1990 so we still owe between 10,000 and 12,000 it might even be a little lower. It is falling apart. Our hearter hot water heater our roof the floors have holes and it would cost a lot to fix up and my husband isn't very good at repairing. He is a great painter. I know that he is very frustryted right now with this. He is 58 and last year he had a break down with all our 25 year old daughter put us through. God brough us through that But we are not sure what to do about our situation. Move out and get an apartment. Still pay on the mortgage. We won't be paying growund rent but then we have to worry about getting rid of the moblie home. It needs to be junked. Any advise we be helpful
Thanks,
Cindy Miller

Post #: 1

RE: Advice on Finances - 9/17/2008 8:21:25 AM

P31W

Posts: 3005
Joined: 6/13/2005
Status: offline

Are you still there?

Do you own the land the trailor sits on?

Do you realize that if you stop making payments on the trailor it will hurt your ability to rent?

In my area it cost a little over a thousand dollars to have a trailor moved.

It seems to me and I can be misunderstanding you that you plan to pay both the trailor and rent at the same time. If you can afford to do that then you can afford to repair the trailor.

Do you or your husband have a network of friends who can help you out through trading services? You and your husband offer to paint the house of someone who can repair the roof?

When you are poor it's extremely important that you have a network of friends/family who can help one another.

Post #: 2

RE: Advice on Finances - 9/17/2008 11:33:08 AM

BlueAdept

Posts: 100
Joined: 4/18/2005
Status: offline

Generally speaking you will not be able to do anything with the trailer, except move it, until the loan is paid in full and you have clear title. The bank will not allow you to junk it. You could attempt to sell it, or lease it but chances are the loan papers will tell you that you can not lease (or rent) the trailer.

At this point you would be wise to contact the bank and see if you can change the loan from a property loan to a personal loan. Chances are you will pay a little more for it, but not a huge amount. That would allow you a great deal more flexiblity.

Post #: 3