Mobile home refinance, transfer of equity?

lucien

LoanSafe Member
Mar 12, 2013
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I got into a pretty bad deal many years ago and I have a few questions. I currently owe $28k on my loan, my interest rate is 9.75% and my mobile home is worth approx $17k according to the county appraisal value.

The mortgage note is in my name and my ex-wife’s name. I was granted the home in our divorce decree and I want to get the home in my name only. I’ve heard of a transfer of equity but Vanderbilt (who my loan is with) says they don’t do that, I would have to refinance…and they aren’t doing any refi’s right now either. Is this transfer of equity an option, or is there another way to go about this without having to refinance? I’ve also heard of a loan modification but I don’t know much about what that really is.

I should probably refinance and I might, the only issue with that is coming up with the cost out of pocket to get that done. If I do choose to refinance (I’d honestly rather just sell or get rid of the property somehow without walking away), are there any lenders with low fees to refinance that anyone is aware of?

Thanks in advance for any help
 

Kenupstate

LoanSafe Member
Dec 11, 2012
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Is the mobile on its own land and you have a deed or is it in a park and you have a title like a car?You use the word mortgage so I will assume you have a deed.Ownership is not dependent on who signed the mortgage,ownership depends on whose name is on the deed,you could have only your name on the deed and both names on the mortgage.If both names on the deed and you were awarded the property you may want to insist that she sign a new deed and get it filed at the county since any judgments in her name attach to the property until the deed is out of her name