My parents need advice on refinancing their home. Bush's new plan wont help them because its a manufactured

Question

Ok heres the deal my parents credit isnt the best. They do have bankruptsy on their credit and deleinquit payments on the house. Right now they are up to date besides a couple late fees. My parents tried calling the Lend America that has to do with President Bushs new help the economy BS. Anyways they were going thru the process and a month later the guy calls my parents and tells them that they cant help because they live in a subsidised home ( manufactured home) So my question is does anyone know of a Mortgage company that works with people with less then perfect credit. I really want to help my parents but Im at my ends dont know what else to do. My parents are on an Arm rate right now and everytime the payment goes up its an extra $200 and they cant afford a $1200 payment. There company their with now say they cant put it in a fix rate but wont tell them why. Im ready Im not sure what else to put in for information but if anyone can help I would sure appriciate it.

Answer 1

What is going on here in Kansas and from what I can tell from others in a few states is this. I hope this helps:

First, these lending companies that have manufactured homes, DO NOT want them back, they can not resale them, they are sitting and rotting in lots all over. The few people I have spoken with have called their lender and worked a refinance with them. The premise is, if they do not, the people are going to bail out on the homes and right now, that is not good. Most lending companies like lending tree and other manufacture home lenders will do this and it is not hard, it is just leg work and phone work on the part of the borrower.

Answer 2

Banks are not doing much lending these days, and only for top-notch credit.  With poor credit and a mobile home, there is little they can do about refinancing now.  They have waited too long to refinance and the market is against them now.  They can try calling mortgage brokers -- and say up front they have a mobile home and want to refi to a fixed-rate mortgage.  Their chances are poor, however.  They likely have no choice but to pay or go through foreclosure and mess up their credit for another 10 years -- and then where are you going to live.

Are both parents working?  Can either or both get a second job?  How old are you?  What are you doing to earn some money?

There is a horrific number of people going through hard times, and there is nowhere near enough help for them all.  If you are US citizens, you can try food banks to help a bit with groceries so you can do more about the mortgage.  And you cannot spend a cent on clothes or anything but the most critical needs: mortgage, utilities, transportation to work.