Who can I trust?

Who's  offering modular homes in Kansas City?

Oh, I am  

http://kansascity.craigslist.org/for/3101681079.html

I can set anybody up with some vendor financing on this beauty right here, lol.

You give 20 down and we can set up payments for the other thirty, it appraises for 60 i swear!

I was confused, I'm on the up and up, on what she meant now.

Looked at one the other day for 1,500 dollars, lot fees killed any chance of cash flow.

emma ,,,

We call them wobley box's…

If you have the latest and greatest ones that are pit set on perminate foundations… Lenders have to loan on them like a house.

But your right the market ferrets these out… People just will not pay a premium for a wobbly box no matter where it is..

Caveot to above.

Orange County CA… Santa Clara County CA… Wobley Box's in a park can sell for 250 to 500k….

Trust in God.

In god we trust is written on US currency…

Totals it. However, declare bankruptcy, behave and 2 years later… FHA here you come! Oh, if you foreclosed on them, you get the house!.

Will he care in this economy… Probably not, the shame of left in about Dec 2010.

llovehouses.

Short Answer is NO… not on a private mortgage. 

If a lender is going to report to the credit agencies, they first have to:

1. sign up and get approved.

2. it cost money these agencies charge for this. And knowing how frugal lenders are on Ozzies are (think property mangement) no way they are going to pay to report. Just pulling your leg there but not really.

3. Once your signed up 100% of your loans have to be reported no selective reporting.

So basically for this discussion the only mortgage lenders that report, are Federally charter and state Chartered banks that are selling their loans in the secondary market or to FHA. And are doing long term consumer home owner loans… No commercial bank that is doing commercial loans will report. Its the beauty of using those banks.  And of course when I do business I provide letters from my banks stating my credit facilities and our cash positions.

As  a private lender no chance no how to affect this guys credit.  As I posted before the BIGGEST club in your bag IE the  Driver is the 1099C discharge of Debt that you can file with the IRS… I have used this very successfully in the past.. 1099C you can get on line from the IRS fill it in and send it in to the IRS… Of course when you made the loan you got this borrowers TIN number or personal SOS Right ???  with that you can really foul his day.  The 1099C will be ordinary income.. And you get 100% write off on your US tax return.  Now me I like write on's but write offs work if you must.

Emma,
 
its very possible that llovehouses is not properly secured in this loan.. IE his loan far exceeds the value… So add in foreclosure costs, costs to change locks turn off water, winterize the house ( emma knows what this means) in KC were this house is located if you don't winterize your house will be ruined…… This is a clear cut case of a lender making a loan to someone who borrowed on false pretenses, I have no first hand knowledge of what this borrower represented to the Lender, However the little I know looks like a very classic case of lender not really knowing what to look for in the way of security and documentation and a borrower who is just an outright crook…Add to this the small amount of the loan and lender lets their guard down… I doubt very seriously that this borrower could have passed any kind of due diligence sniff test past a nice post on the internet and a few nice phone calls and a promise of a very high return.. Remember con men are great salemen.

And Because of the waste ( this what we call trashing of a home) a lender that has a defaulted mortgage or deed of trust has the right within 30 days of default to enter a vacant home change the locks and winterize it an secure it… the debtor has abonded the property,, plus what borrower in default is going to sue you … this is just popy cock BS that has investors thinking everyone sues everyone in the US there can be nothing farther from the truth… Not in the concept of what the average OZ investor is doing.. YOur dealing with wage earners the last thing they have is money to hire and attorney… Now you run your property like a slumlord and do not fix things that need fixing and someone gets hurt thats another story.. Negligence is wrong.. However again there is no attorney in the US that will take any case like this without being paid or has a very good indication that there is a US insurance company they can tag for a money judgement… And if you have proper insurance you just sit back and let the insurance company duke it out.

Lastly on Credit reporting and one of the reason I stick to commercial banks… Commercial banks by and large do not report to credit agencies…. And even the bigger banks if they are deemed commercial loans those are not reported.

At my venith I had close to 30 million dollar worth of credit with 5 banks.. .. Can you imagine the car dealer pulling my Credit and and seeing high credit limit of 30 plus million.. In additon commecial banks do not want to report credit.. if they have to do a work out they do not want to be compelled to report to the agencies in fear that the borrower could not get credit elsewhere to pay exisiting bank off.. Even as it is with all my rentals that have Chase wells citigroup mortgages I think my report comes back at close to 4 mil… Like I said its really funny when consumer credit folks pull credit and read that ,,, And really thats only car dealers because its the only credit I have…. other than my mortgages.

2nd remedy is to sue on the note every RE loan in the US can be brought to superior court and a money judgement awarded. Banks do not do this because of time and expense and the very unlikley event of ever collecting anything… So even the banks have resorted to the 1099C threats… its a good one trust me.

near me I call them cash boxes. If I can buy single wides with the land for under $10k I take them all day long. Double wides willing to go to $20k if land is good area. Most can be purchased super cheap.I deal with older fellow out of Lancaster SC, cash lender for my company. He purchased the land and the single wides in late 80s. Still rents them out $125 week. Just looked at some numbers when I had coffee with him. He is taking in roughly 16k month. Been doing that for many years .

Not bad for single wide trailers. There is money if done right and you know what your are dealing with.

Alex

Really got me thinking, land, have utilities put in and pick them up on an average of 10,000.  Hmmm… haven't thought of what the cost is to move a mobile home though.