Many used singles over 20K are financed everyday..

This site has many lenders listed for home only finance..

Here are some I got from the Yellow pages here..

[www.21stmortgage.com]

[www.ibfconsumer.net]

[www.chattelmortgage.com]

[www.mountainsidefinancial.com]

[www.manufacturedloanseekers.com]

[www.mobilefinancing.com]

[rivermontfinancial.com]

via New Notes On Older Homes.:: Manufactured Housing Global Forums.

via is-a-crash-coming-10-reasons-to-be-cautious: Personal Finance News from Yahoo! Finance.

Hopefully, you are in the middle of a Loan Modification now or just getting started and have an idea n how to battle your lender. If these instructions are too daunting or you feel overwhelmed with this outline, you should contact our mortgage modification experts. Not only can they help you in preparing your plan, they can also manage your case for you — at no cost.

Equity — the ratio of home value to existing loan amount. Being able to show that your home is less than the amount of the loan — through the use of online resources, helps you show the lender that it is their best interest to modify your existing mortgage. hardship letter — most people looking for a mortgage modification have had a significant reduction in income. Being able to document the change in income, either through a job loss, change of employment or because of unforeseen economic situation like medical bills, overwhelming credit card debt or some other situation helps the lender find a program that can modify your mortgage. Debt to Income Ratio — most federal mortgage modification programs require a 31% mortgage debt to income ratio. By showing the lender your current monthly income and using the 31% number, allows the lender to come up with a mortgage modification that meets the federal guidelines and does not overburden the borrower. A personal balance sheet — a list of all of your income and all of your expenses. Most households should have at least 15 lines of expenses. Do not pad your income — you want to use your real income — if it has dropped significantly and you still have enough to cover your expenses, the loan modification should come out with a more favorable number for you. You should also have a small amount of disposable income left over after you have created your balance sheet and shown the modified mortgage payment. Track every call you make — what time and date, who you talked to, their extension — all of this helps you better figure out the lender’s system — and that is probably the hardest part of this process. Finally — don’t give up. This is a negotiation. If the lender comes with a poor (for you) modification, be prepared to negotiate. If the modification is declined, ask why and what you need to show to get it approved.

Again, this is not easy and many will feel overwhelmed. Having a professional assist you with your mortgage relief project, can well be worth the consideration they ask.

via Creating Your Own Mortgage Relief Project: GoArticles.com.

The new financial regulations will have that affect on lenders beginning in 2011 — the following article outlines some of Bank of America’s tactics in regards to principal reductions.

Among several enhancements to the NHRP announced in late March, the bank unveiled this innovative approach to employing a principal reduction as the first step toward reaching HAMP’s affordable payment target of 31 percent of household income when modifying certain NHRP-eligible mortgages — ahead of lowering the interest rate and extending the term. The reduced principal balance will be a non-interest bearing forbearance amount, and the homeowner may earn forgiveness of the forborne amount by remaining in good standing on payments.

via Bank of America Begins Mortgage Principal Reduction Program Under HAMP.

Who is eligible for principal reduction?
The revised HAMP principal reduction program is designed specifically for the approximately four million U.S. homeowners who are responsible borrowers with reasonable mortgages. It does not offer protection for people holding million-dollar mortgages, speculators, and owners of vacation homes. It is recognized that some foreclosures are inevitable for those who simply bought a more expensive house than they could afford. Homeowners who intend to apply for a HAMP loan modification must meet several qualifications:

• You must be able to demonstrate financial hardship
• You must live in the home
• The home must consist of no more than four units
• Your mortgage balance must be less than $729,750 for a one-unit home. If the home has more than one unit, this cutoff amount increases
• You must have taken out your first-lien mortgage on or before January 1, 2009
• Your monthly mortgage payments must be greater than thirty-one percent of your income
• The home must be worth at least fifteen percent less than the amount of your first mortgage

Unemployed homeowners
Unemployed homeowners may qualify to have their monthly mortgage payments reduced or eliminated for three to six months while they look for work. To qualify they must:

• Submit proof that they are receiving state unemployment insurance benefits
• Within the first ninety days of mortgage delinquency the homeowner must request temporary assistance
• Meet HAMP eligibility guidelines, including being under the loan balance maximum and the owner occupying the house.

Qualifying  for a HAMP program while on unemployment means that the homeowner may be able to get their home loan payment down to 31% of their income. Federal Unemployment maximums are around $2,000, meaning that the new loan payment could, in theory, drop to $620 per month.

When the temporary assistance period ends, homeowners whose mortgage payment is more than thirty-one percent of their monthly income and have found employment are eligible for a HAMP loan modification. The modified loan must pass a net present value test, and the homeowner must verify qualifying income and be up to date on their forbearance plan payments.

Bankruptcy
If the borrower or the borrower’s bankruptcy counsel asks for help, the new guidance requires servicers to consider a borrower in bankruptcy for HAMP principal reduction.

What should homeowners do?
If you believe that you qualify for a HAMP loan modification because your primary residence is worth less than your mortgage and you are experiencing financial hardship, contact your lender immediately. You should be aware that lender participation is voluntary; except for servicers of loans owned or guaranteed by Fannie Mae and Freddie Mac, your lender is not required to participate. If you are not sure if your loan servicer is a participant, check the federal government list at makinghomeaffordable.com/contact_servicer.html. If your lender or servicer is not part of the program, ask them about other options that may be available.

For more updated information on principal reductions, check out the latest on the mortgage relief project.

Were you aware that banks do have the option of offering principal reduction modifications as an alternative to or in addition to payment reductions? In fact, lenders and servicers have been urged to do so, but it is not happening. Wells Fargo did report that they were offering principal forgiveness to borrowers with Pay option arm loans (those loans that started with low teaser rates of 1% but saw principal balances increasing with those minimum payments from the date the loan was funded. Why is this principal forgiveness being offered to a select few? Why isn’t it an option being offered to everyone?

via HAMP modifications versus principal reduction modifications — what makes more sense?.

California State Capital

There are two federal agencies and one state agency that help make it possible for people to buy homes they would never be able to purchase without government involvement.

The two federal agencies that participate in real estate financing are the Federal Housing Administration (FHA) and the Veterans Administration (VA). The California Farm and Home Purchase Program, or CalVet loan, is a state program that helps eligible veterans.
Federal Housing Administration (FHA)

The FHA program, a part of HUD (U.S. Department of Housing and Urban Development) since 1934, has caused the greatest change in home mortgage lending in the history of real estate finance. The FHA was established to improve the construction and financing of housing. The main purpose of the FHA program has been to promote home ownership. Secondary results include setting minimum property requirements and systemizing appraisals. An appraiser would be reprimanded if he or she did not use FHA guidelines when preparing appraisals for FHA loans. Additionally, an appraiser who intentionally misrepresents the value on FHA loan appraisals, which subsequently cause a loss, could be fined and face legal action.

The FHA does not make loans; rather, it insures lenders against loss. Loans are made by authorized lending institutions such as banks, savings banks, and independent mortgage companies. As long as FHA guidelines are used in funding the loan, the FHA, upon default by the borrower, insures the lender against loss. If the borrower does default, the lender may foreclose and the FHA will pay cash up to the established limit of the insurance.

The lender is protected, in case of foreclosure, by charging the borrower a fee for an insurance policy called Mutual Mortgage Insurance (MMI). This insurance requirement is how the FHA finances its program. The premium may be financed as part of the loan or paid in cash at the close of escrow.

The borrower applies directly to the FHA-approved lender (mortgagee), not the FHA, for a loan. FHA does not make loans, build homes, or insure the property. A buyer who would like to purchase a home with FHA financing would apply to an FHA-approved mortgagee (lender) who would then request a conditional commitment from FHA. The conditional commitment is good for six months. A firm commitment is requested when the FHA approves the borrower (mortgagor).

The FHA guidelines encourage home ownership by allowing 100% of the down payment to be a gift from family or friends and by allowing closing costs to be financed to reduce the up-front cost of buying a home. The down payment on FHA loans varies with the amount of the loan.

Popular FHA Loan Programs

Section 203(b)

The FHA 203(b) loan offers financing on the purchase or construction of owner-occupied residences of one-to-four units. This program offers 30-year, fixed-rate, fully amortized, mortgages with a down payment requirement as low as 3%, allowing financing of up to 97% of the value of the home. FHA has mortgage limits that vary from county to county.

Their website, https://entp.hud.gov/idapp/html/hicostlook.cfm, provides the current FHA mortgage limits for several areas.

Section 203(k)

A purchase rehabilitation loan (purchase rehab) is a great option for buyers who are looking to improve their property immediately upon purchase. This mortgage loan provides the funds to purchase your home and the funds to complete your improvement project all in one loan, one application, one set of fees, one closing, and one convenient monthly payment.

A purchase rehab loan could be used for a variety of improvements such as adding a family room or bedroom, remodeling a kitchen or bathroom, making general upgrades to an older property, or even completing a total teardown and rebuild.

Section 245 Graduated Payment Mortgage

A graduated payment mortgage (GPM) has a monthly payment that starts out at the lowest level and increases at a specific rate. Payments for the first five years are low, and cover only part of the interest due, with the unpaid amount added to the principal balance. After that time, the loan is recalculated with the new payments staying the same from that point on. In this loan, the interest rate is not adjustable and does not change during the term of the loan. What actually changes is the amount of the monthly mortgage payment.

A GPM is offered by the FHA to borrowers who might have trouble qualifying for regular loan payments, but who expect their income to increase. This loan is for the buyer who expects to be earning more after a few years and can make a higher payment at that time. GPMs are available in 30-year and 15-year amortization and for both conforming and jumbo loans. The interest rate for a GPM is traditionally .5% to .75% higher than the interest rate for a straight fixed-rate mortgage. The higher note rate and scheduled negative amortization of the GPM makes the cost of the mortgage more expensive to the borrower.

Energy Efficient Mortgage

The Energy Efficient Mortgages Program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy-efficiency features to new or existing housing. The program provides mortgage insurance for the purchase or refinance of a principal residence that incorporates the cost of energy efficient improvements into the loan.

Section 255 Reverse Annuity Mortgages

Reverse Annuity Mortgages are also called Home Equity Conversion Mortgages (HECM). It is a program for homeowners (62 years and older), who have paid off their mortgages or have only small mortgage balances remaining. The program has three options for homeowners: (1) borrow against the equity in their homes in a lump sum, (2) borrow on a monthly basis for a fixed term or for as long as they live in the home, or (3) borrow as a line of credit.

The borrower is not required to make payments as long as the borrower lives in the home. The loan is paid off when the property is sold. FHA collects an insurance premium from all borrowers to provide mortgage coverage that will cover any shortfall if the proceeds from the sale of the property are not sufficient to cover the loan amount. Senior citizens are charged 2% of the home’s value as an up-front payment plus 1/2% on the loan balance each year. These amounts are usually paid by the mortgage company and charged to the borrower’s principal balance. FHA’s reverse mortgage insurance makes this program less expensive to borrowers than the smaller reverse mortgage programs run by private companies without FHA insurance.

Appurtenant means belonging to. Appurtenances are all those rights, privileges, and improvements that belong to and pass with the transfer of the property, but that are not necessarily a part of the actual property. Therefore, an appurtenance does not exist apart from the land to which it belongs. Appurtenances to real property pass with the real property to which they are appurtenant, unless a contrary intention is written. Typical appurtenances are air rights, water rights, support rights, subsurface rights, easements, rights-of-way, and any property improvements.
There are a number of ways in which easements can be created. These methods include express grant, implied, necessity, and prescription.

Usually, easements are expressly granted with the property owner’s permission. That permission is most commonly granted in writing and included in a document such as a property deed or other recorded agreement, or incorporated by reference to another document such as a subdivision plan. An implied easement is based on circumstances. It can arise where there is an implied intent by all parties for the creation of an easement. An easement by necessity is allowed by law for the full enjoyment of property. An easement to provide access over adjacent property if crossing that property is absolutely necessary to reach a landlocked parcel would be one granted by necessity. Easements by prescription, also called prescriptive easements, can be secured by continued use without the owner’s permission for a period of time required by law to establish the easement. An example would be where someone uses your private road for a number of years. You object, but never do anything that would physically stop the person from using your property in this manner, like putting up a locked gate. That person might be able to secure a prescriptive easement if the legal requirements are met.

1. Length of the lease; Monthly, daily, yearly, etc.

2. Amount of the rent;

3. Names of the parties;

4. Description of the property;

These equal the acronym LAND. It is an interesting fact that leases or rental agreements for LESS than ONE year do not have to be in writing. But enforcing an unwritten rental is very, very difficult in a court of law. It becomes a situation where it one party deniess what the other says. The judge has to try to make sense out of the situation and one party is probably going to be very unhappy with the resulting judgment. In California, the law says all rental/lease agreements for MORE THAN ONE YEAR must be in writing and signed by the lessor; but if the lessee does not sign and moves in and pays rent, he or she is bound by the terms of the lease.

1. Duration; How long is the lease. In the text there are time periods listed for various types of leases such as land, mineral leases, and leases relating to minors.

2. Amount; The amount of rent, money paid for the use of the property must be given and when it is to be paid. Technically, rent is due at the end of a period, but it is allowable to have an agreement where the rent is prepaid on the first of every month. The first of the month (prepaid) is the most common form of rental payment.

If a property is sold while a tenant is in occupancy, the rental amount paid will be divided between the seller, while he or she owns it, and the buyer receives the balance for the period of time left when the buyer owns the property. Example: property sells and closes escrow on 10th of month. Ten days rent will be credited to seller and 20 days rent will be transferred to buyer. This is called proration of rents. All items that are prorated in a sale are based upon a legal month which is thirty (30) days.

3. Security Deposits; Security deposits, cleaning deposits, etc. are deposits of monies given by a lessee to a landlord/lessor for any potential damages that may occur while tenant is in occupancy. If a property is damaged, the lessor may use these funds to repair damage when the tenant vacates a property. The landlord has 21 days from taking back occupancy after a tenant moves or vacates the property. Security deposits may be used for past due rent; or if the tenant leaves personal property behind and the lessor has to store the property; and to repair all damages and then send any remaining deposit to the tenant at any forwarding address. If a property sells, all deposits are transferred to the new owner to be used for appropriate expenses at a future date. The new owner has the same 21 day requirement as the previous owner.

4. Assignment and Subleasing Provisions. A sublease is a transfer of the entire leasehold estate to another person called a sublessee. The tenant may, if there is no provision to the contrary, assign or sublease the property to another. If a sublease is done, the original tenant leases/rents the property to another. It is usually referred to as a “sandwich lease.” The original tenant is still responsible for the original lease and the new tenant is leasing/renting the property from the original tenant. The secondary tenant is responsible to the original tenant and the original tenant is responsible to the landlord. An example would be: Home builder John leases a large parcel of land from the owner. He, the builder, becomes the tenant/lessee. John then builds a group of homes on the property. He sells the homes to buyers. The buyers own the home and lease the property from John. They become sublessees to John for the property and own their homes. At the end of the lease the property reverts to the original owner of the land and the owners of the homes have a problem. They own their buildings, but have no rights to the land. At this point there must be something done. Does John renew the lease with the landowner? Do the homeowners lease the land from the landowner? Does the landowner sell the property to the homeowners? Do the homeowners abandon their homes? Do the homeowners remove their homes? Something has to be done as the homeowners are sublessees and have no rights to the land upon expiration of the original lease between John and the landowner. When a developer builds apartments on leased land and then leases out the units individually he or she has a sandwich Lease. It does not have to be homes; it can be any type of property. Commercial stores use leased land quite often. Many of the major grocery stores own their buildings and have a long-term lease for the land. They also lease their buildings to other stores and continue with the land lease for the property. The tenant of the store pays rent for the building and the original store owner pays rent to the landowner for the land. These are both examples of sublease situation. Tenants can do the same thing. A tenant rents an apartment and then rents it to another party. The original tenant pays rent to the building owner and the sublessee pays rent to the original tenant.

If a tenant wants to be relieved of all responsibility for the lease, he or she must ASSIGN the lease to another with the landlord’s permission. The new tenant and landlord will create a Novation agreement where the new tenant assumes all responsibility for the lease and the original tenant is totally released from any obligations. This is referred to as an ASSIGNMENT of the lease. If the lease is not assigned, the original tenancy remains in effect and a sublease situation exists.

5. What are the recognized legal methods of land description:
rectangular survey
meets and bounds
lot and block number
monument or occupancy

6. Another question regarding the size of land; ½ a section has how many acres, ¼ section, etc:
Since 1 section has 640 acres — 1/2 a section would be 320 acres