If you currently have a loan for a mobile home, there is a chance you are paying a high interest rate for for a loan where you owe significantly more than what the home is worth. If that is the case, then I want to meet with you.
Section 506 of the bankruptcy code allows an individual in a Chapter 13 Bankruptcy restructure personal property loans in situations where they had the loan for more than 910-days by dropping the loan amount down to the Fair Market Value of it. Further, regardless of how old the loan is, you can drop the interest rate down to 4.5%. Let’s look at a few scenarios.
So let’s say you have a trailer that you purchased 10 years ago for $50,000, at 20% interest, with a 30 year loan. Your payment would be $836 a month, for the next 20 years. But let’s assume that due to depreciation, that trailer is only worth $15,000 in it’s current condition. I could restructure that loan for you, for $280 a month, and have it paid off in 5 years.
Please give me a call today if you have a mobile home. I would like to sit down and see how much I can drop your payment for you.