"Michael T Wing CPA" <mtwingcpa[at]yahoo.com> wrote in message news:<bl7pp8$8soun$1[at]ID-42614.news.uni-berlin.de> ...
- quote -

I did get a call from one of the online "loan sharks" I was approved
but only if I dont move it. I dont want to live at the sales lot, so
that flew out the window.
I live in Maine and trailors or mobile homes are a dime a dozen. My
wife and I may qualify for some temporary native american grant thing
since it will be on tribal land and my wife is native american.
I have friends that are in college and in debt up to roof. They get
credit cards and car loans with no problems. Just a bizarre and sad
situation why I cant get credit without credit and cant make up for
the little boo boo late payment after all these years.

John A. Weeks III <john[at]johnweeks.com> wrote:

- quote -

Permit me to add some details while I'm sitting here waiting for
a load of laundry to finish. <g
According to the agency in my state that regulates "factory built
structures," the term "mobile home" refers to something built
before the HUD standards were adopted in the mid 1970's. Since
that time, such structures are referred to as "manufactured
homes" unless they are under 40 feet in length and/or 400 square
feet in area, in which case they are non-motorized "recreational
vehicles" (AKA "travel trailers").

For tax purposes, mobile homes, manufactured homes and
non-motorized recreational vehicles can be treated as real
property if they are "permanently installed," meaning generally
that the running gear has been removed, the unit has been blocked
and skirted, and utilities have been connected in "permanent"
fashion. It is NOT necessary that you own the underlying land
and, therefore, units in non-transitory "trailer parks" can
generally qualify for real property tax treatment. This also
means that the units are NOT subject to retail sales/use tax when
resold.

For financing purposes, a "manufactured home" can qualify for
conventional or FHA financing if it is "permanently installed" on
land that you own. In any other case, it will be viewed as a
"recreational vehicle" loan notwithstanding the fact that the
unit might be treated as "real property" for tax purposes (see
previous paragraph). And, in any event, bank financing is not
likely to be available for any unit that is more than a few years
old.

There are some loan sharks that specialize in financing older
mobile and manufactured homes installed in parks. Typically they
"own" the home and sell it to you on contract, with the primary
enticement being the size of the monthly payment, without regard
to the interest rate or total purchase price. (I would wager that
many of these units have been "sold" several times. <g> )

Of what use will this mindless information be to the original
poster? Beats me! <g> But, the point is, you need to be aware of
local tax and lending customs in order to find appropriate
lenders for these types of homes. And, I agree, finding any kind
of "reasonable" financing might be difficult unless you are
talking about a new manufactured home installed on land that you
own. Financing a "recreational vehicle" can be difficult unless
you are a relatively high income/low debt applicant.

[The foregoing information relates to Washington state. Don't ask
me what goes on elsewhere. <g> ]

MTW
(trailer park trash at heart)

Go in person and talk with a loan officer. If you have revealed all here, it
seems unreasonable.

How have you done with the utilities?

Put on a tie, cut the hair and act like you don't need the loan and see what
they say.

"SpongeHead" <hgoodale_msp[at]msn.com> wrote in message
news:be84687b.0309270831.696c4a3a[at]posting.google.com...
- quote -

"John A. Weeks III" <john[at]johnweeks.com> wrote in message news:<260920031844026191%john[at]johnweeks.com> ...
- quote -

Im tall and have long hair, elf maybe, but certainly not a troll. You
think I'm lying? This was about 10 - 15 years ago. As Frank Oz would
say,

In article <be84687b.0309261327.6d207419[at]posting.google.com> ,
SpongeHead <hgoodale_msp[at]msn.com> wrote:

- quote -

This hardly seems possible in this day and age. Can you offer
any proof that you are a real person and not a troll? Perhaps
by posting from work with your real E-mail address (if anyone
dares do that any more).

- quote -

Again, it isn't possible to go 12 years and not establish credit.
I had dozens of cards from gas stations and retailers, plus the
usual group of Discover, Am/Ex, VISA, and MasterCard by my mid-20's.
Anyone who goes to school these days gets flooded with credit card
offers. Are you sure that there isn't more to the story here?

The net-net here is that you got a dead-beat's credit card (one
that is collateralized), and you screwed it up by making late
payments. That is the credit kiss of death. That is like 2nd
degree murder as far as your credit history goes. The only thing
worse would have been to file bankruptcy.

- quote -

That cannot be correct. You did have a credit history with your
collaterized credit card, and it was a negative. That is why they
call it a history--it keeps track of things like this, and it takes
7 years for them to go away.

Back to the house...lenders are bending over backwards and doing all
kinds of unnatural acts to give out loans these days. If you have
employment history, make sufficient income, and meet the ratios
(debt to income), someone is going to give you the loan. Shop around
a bit, and check with a few lenders and mortgage brokers. You realize
that a mobile home is very hard to finance in the first place, so
perhaps a single or double-wide home on a permanent foundation would
be a better choice. Lenders consider them to be "real property" whereas
mobile homes are treated like car loans. If that doesn't work,
check to see if any of your family members will co-sign the loan
for you. With a co-signer, such as a parent, they will use their
credit record as part of the loan decision.

- quote -

A person with a good credit history has proven over time that they
are willing to pay on time and take care of their accounts. With
no record, there is no telling what someone will do. In your case,
the only history was negative, so the risk is a lot higher. From
high school economics class, you know that higher risk means higher
interest rates. That is just how the world works, and there is no
way around it.

- quote -

Again, that is why they call it a credit history. If there was
no history, what good would it do? You do have rights. There was
a fair credit act passed many years ago. But you have to realize
that along with rights, you have responsibilities, and one of them
is to pay on time. You choose not to do that, which means that you
choose to accept the consequences.

I'm sorry to hit you upside the head with this, but that is just
the way the world works.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

I was not a fortunate one when it comes to credit. As soon as I
turned 18, I wanted a new car. To get a new car, I needed credit. I
didnt have any so I figure Id apply for some of the local retailers
credit cards. Denied, denied, denied all because I had no credit.
Than a few tries later I found out that applying too many times is not
a good thing. I even went to the bank with $1400.00 cash in my hand
and asked for a $1000.00 loan and I would pay the interest right off
the bat. Denied because of no credit. Why would a bank not accept
$400 for not doing a dam thing?

12 Years later with still no credit, I had to get a credit card that I
had to pay for up front and than a fee every month just to establish
something. Unfortunately that wasnt enough. I also missed a payment
here and there which for some reason sticks on your credit history for
years. Getting a loan now is harder than it was even when it was
impossible.

I have been renting a home for 8 years for $600 a month and have the
opportunity to move to family land and all I need is a mobile home. I
have priced some out at $26,000 and that would make my total monthly
payment no more than $300.00 a month. I have no debts. That stupid
credit card was paid off and cancelled, I have an old car I paid cash
for, Im not a deadbeat dad, I owe nobody nothing. The mobile home lot
goes through 2 local banks to apply for credit. They were surprised
that at my age I had no debt, so I figured the loan would be a piece
of cake considering my 3 years at my employer and the amount I earn is
more than enough to handle the loan. Denied. That late payment and
no previous credit history did me in.

I could go with one of the many high interest "youre loan is approved
no matter what the issue is" loan sharks and pay up the arss in
interest. Speaking of interest, why is it that a person with perfect
credit and plenty of money get a low interst rate, and a person with
no money get a high interest rate? I understand the risk factor but
someone with no money is going to have a harder time paying off the
extra percentage. The 5 - 10 years of that shit on your record is a
bit out of control in my opinion. What rights do we have as
consumers? Can we not change the way the credit bureau or banks
handle our money? Who de we contact do get anyhting done about it?
(I ramble for hours). Anyone have the same problem or know how to get
something like this changed?

Maybe this isnt the right place to post, and if so Im sorry. I will
repost to the correct place.