I have a mobile home listing that I took over for a friend. We have had it on the market for about a year at the price the lender set as their lowest price they would accept in a short sale. Originally, the lender, 21st Mortgage, stated that we could sell the property and my client could pay back the difference between the sales price and the loan amount. California recently passed a law that said a lender cannot require repayment as a condition of a short sale. 21st Mortgage has changed their policy. They say they will no longer do short sales in California, period.
There recommendation is to raise the price substantially and market the loan as assumable. They want me to sell a mobile home over price and have a borrower assume a loan at a higher interest rate and longer duration than he can get on his own in today's market. Hmmm, not one phone call in all this time and they want me to raise the price.
Has anyone ever dealt with this company before and have any advice or options? Does anyone have any advice for short sales with regards to mobile homes in general? I mean, besides the obvious, "run away!" :o)
It seems hard to believe there are so few options for mobile home owners that need help.
Thank you, Ray
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