Installment Sale
(I posted this under Veterans introduction. It's a question I would like answered by Veteran or Broker or anyone else with a similar experience.)
Do you have any experience with installment sales? I have a MFH on an acre. I owe less than 50 % of the market value, but the banks have me in a bind. They will not finance it through FHA or a conventional loan.
note: it is pit set with hurricane bands and a cinder block skirting around the perimeter and is recorded as real property. It was built in 1992 and moved in 2003. There is also a stick built garage and a fenced in back yard.
I Know MFH's are high risk for banks. But, not letting me sell it is high risk too. It really limits my options. One option is an installment sale, which sounds good if my bank doesn't ask for all there money when they find out I sold the property. The other option is to give it back to the bank. Then the bank would have a property that no other bank would finance and I would be left with bad credit and lose my equity.
Is this situation more common than I think? What's the best solution?
Can I carry the contract and still keep my original loan?
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