Wednesday, December 14, 2011
I'm looking for a bank that will finance a doublewide.I already have the land about an acre.but $11,000is owed
Here's my deal, I have a current mortgage at the amout of $11,000.00 left untill payoff.OK I have 1 house without a block foundation under it built in the late seventies, and a 6yr old 2 bay garage situated on 1 acre of land garage.I was wnting to put another house on this land but need a loan to do so.After getting the doublewide sit up, I was goin to rent the house without the foundation to help pay the payment. But the last time I tried to get a loan the bank denied me because my current house had no foundation. even though it sits on block piers. My question is where do I find a bank that will work with me. I mean wouldn't my property be worth a good bit with the new doublewide with a block foundation and the two bay garage be worth the loan amount itself, which would be around $70,000.00.Considering seven years ago when I got the loan to build the garage my land and house was then apraised at $50,000.00.Now the bank says no foundation no loan.
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