Underwater loan
I'm really red faced to even ask but if anyone has any ideas I'd be happy to hear. Like many seniors we bought a new Class A when retiring. Things were good back in 2001and we were full timing. Put a ...
Forum Discussion
dennislanier wrote:
Maybe I'm wrong, but I think in order to sell the MH to someone else and give them a clear title, she has to pay THE FULL AMOUNT SHE OWES RIGHT NOW. She cannot sell something she does not own - the only way she can own it is to pay off the entire balance immediately.
Correct, that's what I meant. Sell it, THEN take out a equity loan and pay the balance the day it sells. One transaction, otherwise, the bank won't release the title. Will take some coordination with the financing people, that's all.
Otherwise, OP is paying on a LARGE loan, instead of a small loan. IF OP is not using the RV, then it makes a difference in the amount of payment and the amount of interest paid.
