Distressed mortgages and Pre-fab homes

In an article in Florida Today, two of my favorite subjects come together.

Those would be distressed mortgages settled by mortgage modification or short sale, and all those prefabricated homes built under the umbrella term “manufactured homes.” The title of the article is, “Pre-fab houses escape trouble – Few manufactured homes foreclosure.” The article is linked below.

Gone are the days of the ‘trailer house.’ We have homes built elsewhere and located here that would be the last to fall in any calamity. And the utility bills are lower than any other structure. If anyone chooses to watch the various manufactured construction videos available, they would be hard pressed to be able to identify the finished product as ‘pre-fab.’

There’s been a quiet corner of the industry that’s remained virtually untouched by these troubles: manufactured homes. Manufactured houses, which are factory-built in parts and then put together at a land site, are significantly less expensive than traditional site-built homes.

“It’s often an entry-level purchase,” Pava Leyrer, president of Heritage National Mortgage in Grandville, Mich., told the Associated Press. “And this has cut out an entire population of consumers who don’t have large down payments.” Because the manufactured housing market did not overheat during the housing bubble, there are fewer manufactured homes in the foreclosure pipeline. The homes, which typically include a house and a lot, are often owned by older, stable couples who did not finance the purchase with potentially troublesome types of mortgages.

Catastrophe rather than overextended credit seems more likely to have caused the financial problems experienced by the manufactured housing owners who end up in foreclosure.

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Read the article here

tags: do it yourself mortgage loan modification, do-it-yourself short sale, mortgage loan modification, mortgage lender fraud, mortgage loan modification colorado, pre-fabricated homes,modular homes, manufactured homes,

Originally posted 2009-09-06 21:14:18. Republished by Blog Post Promoter

Tagged as: do it yourself mortgage loan modification, do it yourself short sale, manufactured homes, modular homes, mortgage lender fraud, mortgage loan modification, mortgage loan modification colorado, pre-fabricated homes