MH Financing, over 10 years old

[resqguy]

I need to refinance my RV to clear my ex wife from liability etc. The MH is a 2004 and over ten years old. All the RV specialty finance companies stop at 10 years. Any suggestions for refinancing of older units?

[Effy]

FordDiesel250 wrote:
What is a HELOC?

Home equity line of credit.

[FordDiesel250]

What is a HELOC?

[jorbill2or]

You don't know his individual situation , too low of a score ? too much debt to income ? Not our business but each bank transaction is separate and looked up separately. Right? I'm sure they know the asset and he said other banks won't loan the money either so why is his lender wrong? Not good reason sure, but they don't need one. Perhaps they didn't want to say sorry you don't qualify and upset a current customer ?
In my situation many years ago , I got several things transfered in my name only , but I had over 800 score and great income and could walk into any bank and gotten the money on a signature loan. So they weren't concerned but I didn't have a court order for them to do it .. I had , to change it or clear the debit. ( normally sell)
My only point should have beenthey aren't required to. You made it sound on first look like the court normally forced the lender to comply , that's all. Perhaps I misunderstood

[Effy]

jorbill2or wrote:
Not BS .. He and his wife signed a document agreeing to pay.why would the lender let one person out of that agreement ? Ever been divorced ? Courts don't dismiss the debt , it's not a bankruptcy .....they can enforce reassignment of the asset but not of the contract Been there , got that medal !!! Divorces are ugly . the court doesn't force the bank to remove a name it forces the parties to do what he's doing !
.His choices are1- talk the bank into taking the exes name off .. He would need really good credit to do that!!! 2 - refinance . 3- Talk the ex into continuing to allow her name on the debt ( absolutely a very dumb thing for her to do .. One of them can file bankruptcy and ruin the other . and finally and most likely SELL the asset and get out from under the debt .. Probably the action needed. Sell , make up the difference if needed and move on.Suck it up The cold hard truth of dissolving a " financial" partnership.

Just speaking from working 20+ years in the banking industry. We do it all the time. Most banks will/should attempt some method of customer retention. Usually just involves continued qualification of the debt. Something any other bank will do anyway. If he can support it somewhere else, the current lender should be able to support the change.

[jorbill2or]

Not BS .. He and his wife signed a document agreeing to pay.why would the lender let one person out of that agreement ? Ever been divorced ? Courts don't dismiss the debt , it's not a bankruptcy .....they can enforce reassignment of the asset but not of the contract Been there , got that medal !!! Divorces are ugly . the court doesn't force the bank to remove a name it forces the parties to do what he's doing !
.His choices are1- talk the bank into taking the exes name off .. He would need really good credit to do that!!! 2 - refinance . 3- Talk the ex into continuing to allow her name on the debt ( absolutely a very dumb thing for her to do .. One of them can file bankruptcy and ruin the other . and finally and most likely SELL the asset and get out from under the debt .. Probably the action needed. Sell , make up the difference if needed and move on.Suck it up The cold hard truth of dissolving a " financial" partnership.

[Effy]

resqguy wrote:

So it's obvious you already have a loan on it, why can't you just have your wife's name removed from the existing loan?

The lender won't do that. They say that they have to honor the original loan contract, no changes allowed. They won't refi either since the unit is now over 10 years old.

I just applied at a credit union.

I call BS. Lenders have to be flexible in cases of death or in legal matters like divorce. Are you telling me a lender will not abide by a legal decision? What lender is it?

[resqguy]

So it's obvious you already have a loan on it, why can't you just have your wife's name removed from the existing loan?

The lender won't do that. They say that they have to honor the original loan contract, no changes allowed. They won't refi either since the unit is now over 10 years old.

I just applied at a credit union.

[Effy]

resqguy wrote:
Thanks for the suggestions. I just bought my house last year but because of the divorce could only put 20% down. The HELOC is not an option. I still owe over $70K on the MH so a credit card is out. I will try a Credit Union.

So it's obvious you already have a loan on it, why can't you just have your wife's name removed from the existing loan?

[resqguy]

Thanks for the suggestions. I just bought my house last year but because of the divorce could only put 20% down. The HELOC is not an option. I still owe over $70K on the MH so a credit card is out. I will try a Credit Union.

[jorbill2or]

The financing over ten years is the problem and I found that also. Excellent credit and a personal relationship with a local lender can help. Loans aren't easy like they used to be nobody wants to lend over 10 years for anything over about 8 years .. They may but you need sterling credit like 800 + .
One other thing , I don't believe the loan has be secured by the vehicle to make it deductible on tax returns you can claim the interest from anyplace as long as it was used for the coach. Even money from uncle "Jerry" can be deduct able I'm not a tax guy but that's what our accountant told us long ago.

[ReneeG]

mowermech wrote:
I have never bought an RV that was less than 10 years old! My Credit Union(s) financed them all with no problem at all.
Just a few months ago, I purchased a 1999 dodge CTD truck. The Credit Union asked only one question: "How much do you want the payment to be? OK, sign here!" Done deal, go get the truck.
IMO, based purely on personal experience, a Credit Union is the only way to go to finance ANY vehicle!

I probably don't need to point out that if the RV is self-contained, and is collateral for the loan, the interest is usually tax deductible as a second or vacation home. The interest on a personal loan of any kind is usually NOT deductible!

We've had the same experience with our credit union. On the other hand, you've more than likely got excellent credit as a result of being fiscally responsible which is why the CU is quick to lend you money.

[Effy]

Campfire Time wrote:

mowermech wrote:

I probably don't need to point out that if the RV is self-contained, and is collateral for the loan, the interest is usually tax deductible as a second or vacation home. The interest on a personal loan of any kind is usually NOT deductible!

That's an excellent point.

So is a HELOC

[ReneeG]

Campfire Time wrote:
If your credit is good I'd look at a unsecured personal loan or line of credit. Often the interest is dirt cheap. I never understood financing cars, RVs, or boats with a HELOC. Why would you tie something that depreciates that fast to the equity in your home?

You would have to be disciplined to get one for sure. For us, that's not an issue.

[mlslcan]

If you qualify for membership USAA will finance a 10+ year old RV (at least they did my 1994 Class A in 2006 and my 2004 in 2016).

Mike