Just venting

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thomasjkt

thomasjkt

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:protest:Decided to try and hook up with one of these really low intrest rate on mortgages that seem to be going around because mine is outrageous, my credit was shot to hell when the company I was employed by for 21 years closed its doors and moved to China. I was out of work for a little over a year before I found a job and by then my credit was shot so my interest rate was high when I bought my house, now 6 years later I have my credit under control and have a chance to cash in on the low rates except my homeowners policy list my home as a mobile home and nobody wants to refinance me because of the way the policy is written. I checked with my carrier and they said once a mobile home always a mobile home, I said how do I change that and they said "you don't" My home was appraised 2 weeks ago and the apprasier did not clasify the house as a mobile home so why is the insurance company not willing to reword the policy? They are really putting the screws to me!!!! Sorry for going on but this really pisses me off!
 
try getting a hold of a title company
bring the apraisel and see if they are willing to sell you a deed listing the home as a stickbuild or what ever clasification you think it should be

only think i could think off
 
Take your appraisal and go to a new insurance company and see what they'll do for you. If they don't classify it as a mobile home, then try again to refinance.
 
Correct me if I am wrong, but moble homes come with a title like a car, and stick built houses have deeds.
So...... I think you are stuck with the moble home status.
 
I am in the same basic situation. I bought my new manufactured home (upgraded it to modular specs $10 grand additional) about 7 years ago. I never had any credit problems but am self employed so had to get a stated income mortgage with ridiculous interest. I had an ongoing refinance application at my local bank that was approved for a much lower interest rate waiting on an appraisal to get done when the financial melt down happened. Of course when i called them to see what was up a week later they told me they could no longer do anything for me. None of the loan companies with low interest i have found will touch a manufactured home either.
 
Years ago this would work but with computers and such today... Who knows.
A neighbor found himself in a similar situation. His mobile home had rooms added on over the years so it was difficult to tell it ever was a mobile home. His wife needed surgery so he needed to borrow money against his real property.
The bank manager told him..
"Remove the axles and get rid of them. Put the title to a mobile home in a shredder".
Have it appraised as a house ( permanent structure ), then on to the bank.
Keep in mind that if it works , the cost of the appraisal is a one time fee. Increase in property taxes and home owners insurance cost goes on forever.
 
my home was originally a double wide mobile home but it has a 12 x 60 addition built on to it so it can not be moved, it has no axles or tires on it, when I bought it there was no title transfer so I assume the mortgage company that has the mortgage viewed it as a single family dwelling and not a mobile home. I talked to them about doing a refinance but they no longer write mortgage loans.
 
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