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I'm worried I'm Upside Down in my Manufactured Home. What do I do? |
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"I'm worried I owe more on my home than it is worth." That's a statement we hear a lot these days. In Park and Land Home markets have been beaten up badly by this economy. First of all Don't Panic. There is big value in Affordable Housing. Be smart and know your market. If you are in a leased land community, pay attention to the homes on the market and those that have recently sold. Keep a comparison log. This can help establish value if you decide to sell or refinance. Many areas across the US have been designated "Declining Markets" for all types of housing, including factory built. Do your own comparisons. Have your Realtor provide a Comparative Market Analysis and have your lender review it. Whether chattel or land home, investors are asking to see comparative sales within the last six months. Keep making your payments. The US economy is resilient. If you have a problem, talk to your lender. If you need help, let us know.
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