dilemma?

What is the name of your state? Michigan
I had pretty much reached a decision to sell my present home, until seeking to get a small mortgage or home equity loan( I presently own it free and clear)I ran into what seems to be, according to the bank,an issue that may make it extremely difficult for prospective buyers to get financing.
Here's the (alleged) dilemma-the bank does not want to loan money on an older mfg home,( double-wide ) OK understandable, except that the mfg home is permanently installed on 5+ acres of land in a prime rural residential area. So I inquired about a loan on the land itself-prevailing price of land in this area 7-10K per acre.But apparently banks don't lend money on land,either.
So here I am with a property that is being taxed as a single-family rural residential property with a SEV of nearly 50k, I would like to sell it and relocate/reposition myself financially-but apparently the place is essentially worthless,as far as anyone being able to obtain financing in order to buy it. And no, I don't want to rent/lease it, ir hold a land contract. Where does this put me,a disabled widow,in terms of possibly obtaining a reverse mortgage should I need cash in the future?
Is my only option torching the place?

[HomeGuru]

[quote]Originally posted by ladyc4
[b]What is the name of your state? Michigan
I had pretty much reached a decision to sell my present home, until seeking to get a small mortgage or home equity loan( I presently own it free and clear)I ran into what seems to be, according to the bank,an issue that may make it extremely difficult for prospective buyers to get financing.
Here's the (alleged) dilemma-the bank does not want to loan money on an older mfg home,( double-wide ) OK understandable, except that the mfg home is permanently installed on 5+ acres of land in a prime rural residential area. So I inquired about a loan on the land itself-prevailing price of land in this area 7-10K per acre.But apparently banks don't lend money on land,either.
So here I am with a property that is being taxed as a single-family rural residential property with a SEV of nearly 50k, I would like to sell it and relocate/reposition myself financially-but apparently the place is essentially worthless,as far as anyone being able to obtain financing in order to buy it. And no, I don't want to rent/lease it, ir hold a land contract. Where does this put me,a disabled widow,in terms of possibly obtaining a reverse mortgage should I need cash in the future?
Is my only option torching the place?

**A: ok, before you pick up those matches, there are various options available.
Contrary to what one lender told you, mortgage lenders do indeed finance land.
The loan is called a land loan and the amount of the loan is not as great and may only be 30-50% of the appraised value. You should contact a mortgage broker to run some numbers. Also talk to a real estate broker or two to get an idea of how much your proerty is worth and the prospects of selling it.

Thanks for the info, I'm pretty much beginning to suspect that the bank in question was playing head games with me-(yes I know there are tons of other banks but it's the principle)
Could I take out a mortgage or a land loan, on the property?(to consolidate bills, improve cash flow,and do some sprucing up prior to selling?) I was told that I cannot because I own the property. But how then can anyone convert some of their equity into cash, if for some reason a home equity loan is not the solution? How does anyone get a "reverse" mortgage if indeed what this bank is saying is true?
I might add that the written explanation of the credit denial made NO mention whatsoever about mfg homes, value of the land, or any of the issues relating to the property(these were told to me verbally, in telephone conversations) the written reasons for denial are to do with credit-score related things? Are they afraid I might take a statement implying that the property was essentially worthless to an appeal process with the tax assessor?

[HomeGuru]

Ok lady, start over with the mortgage and real estate brokers. Maybe your credit score was too low for any kind of loan.

Well why didn't they just say that instead of trying to tell me that outright ownership/100% equity in the property made me ineligible to take out a mortgage on it?How come other people take out mortgages on property they own all the time in order to convert part of their equity into cash?The initial discussions regarding the denial were pretty much about the property and it's supposed lack of monetary value credit and credit scores were not the primary given reasons, those didn't get much of a mention until I wanted the specific reasons for the denial put in writing. I requested a copy of the credit report this particular bank used,and unless this bank has some special credit scoring system, my credit score should not be an issue...per [url]http://www.creditinfocenter.com[/url] Apparently my credit score more than adequate enough to finance a vehicleand get a credit card but not good enough to borrow money on real estate I have 100% equity in?Especially since my stated intent was to use that money to pay off the vehicle loan and the credit card?

[HomeGuru]

You will discover the facts when you talk to the professionals.
Good luck to youi.

I appreciate your taking the time to offer your insights.

I am taking steps to obtain a credit report WITH the score-the one I have received doesn't have the numbers...(yes it's the CRA that the lender used), I did find a couple of inaccuracies and have already filed disputes...
As for working with mortgage brokers and real estate brokers, I really feel that in the long run that may be counterproductive...
and I don't HAVE to sell the place,or get a loan on it-simply a matter of upsizing my cash flow and downsizing my debt...If I can't accomplish that then I will explore other options. Due to my husbands death a couple of years ago I find myself with more house and property than I really need.
I forget who said it but a wise person once commented on what a woman needs to have a good life,at various age milestones.
(Though I'm not QUITE there yet) the wisdom was that from age 55 up what she needs is CASH.)

[HomeGuru]

[quote]Originally posted by ladyc4
[b]I appreciate your taking the time to offer your insights.

I am taking steps to obtain a credit report WITH the score-the one I have received doesn't have the numbers...(yes it's the CRA that the lender used), I did find a couple of inaccuracies and have already filed disputes...
As for working with mortgage brokers and real estate brokers, I really feel that in the long run that may be counterproductive...

**A: how can free consulation and free information from industry professionals be counterproductive? Did you think coming to this website and getting free legal advice was counterproductive?
**********

and I don't HAVE to sell the place,or get a loan on it-simply a matter of upsizing my cash flow and downsizing my debt...If I can't accomplish that then I will explore other options. Due to my husbands death a couple of years ago I find myself with more house and property than I really need.
I forget who said it but a wise person once commented on what a woman needs to have a good life,at various age milestones.
(Though I'm not QUITE there yet) the wisdom was that from age 55 up what she needs is CASH.)

**A: you are still a young gal, so you have time to search and discover.

You do bring up a good point,and of course mortgage/real estate brokers may be a source of good advice, if they will give it without wanting one's signature on a dotted line
I assumed that you were recommending that I actually contract the services of either or both, which probably was a mis-interpretation on my part. I apologize for that.
What I meant by "counter-productive" was that would be 2 more entities I would feel obliged to keep an eye on-I'm afraid I'm not very trusting,especially when it comes to my financial well-being. There are just too many looking to capitalize on someone's bad fortune,previous mistakes or lack of information(often called stupidity or ignorance)This is just a general observation not directed at any specific person or occupation. But if everyone was scrupulously honest, there would be a lot of people in law enforcement and legal professions out of work

[HomeGuru]

[quote]Originally posted by ladyc4
[b]You do bring up a good point,and of course mortgage/real estate brokers may be a source of good advice, if they will give it without wanting one's signature on a dotted line
I assumed that you were recommending that I actually contract the services of either or both, which probably was a mis-interpretation on my part. I apologize for that.

**A: no problem.
*********

What I meant by "counter-productive" was that would be 2 more entities I would feel obliged to keep an eye on-I'm afraid I'm not very trusting,especially when it comes to my financial well-being. There are just too many looking to capitalize on someone's bad fortune,previous mistakes or lack of information(often called stupidity or ignorance)This is just a general observation not directed at any specific person or occupation. But if everyone was scrupulously honest, there would be a lot of people in law enforcement and legal professions out of work

**A: ok, you can obtain free, no obligation information from the two and then post back. Since you know that we on this website are not after your signature, business or money**************.