what are my options

I’m wanting to purchase a manufactured home for 100K and have 2 notes already on my land totaling 25K, i also have 12K in credit card debt that i want added in on it. the property will appraise for 40K and the home is supposed to appraise for 140K. Is this possible and what are my options? What should be my course of action?

Asked on July 2, 2009 under Real Estate Law, Oklahoma

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  I suggest that you buy the property first.  then you should wait a month and refinance and take out the equity to pay off the 12K credit card debt.  However, you should try to negotitate the debt down.  While paying off a reduced credit card bill will affect your credit, you will already have the house and the credit will not be too affected.  If you rather simply pay the card in full do that.  I suggest you hire a lawyer to help you in this.

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  I suggest that you buy the property first.  then you should wait a month and refinance and take out the equity to pay off the 12K credit card debt.  However, you should try to negotitate the debt down.  While paying off a reduced credit card bill will affect your credit, you will already have the house and the credit will not be too affected.  If you rather simply pay the card in full do that.  I suggest you hire a lawyer to help you in this.


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