By finding out how to get a second mortgage on a doublewide with bad credit, you may be able to start repairing your credit rating. Depending on what you want the second mortgage loan for, you should try to also use some of the proceeds to repay any existing delinquent accounts. You should be prepared to accept a possible higher rate if you want to get a second mortgage on a double-wide with bad credit. Be sure you are still able to afford the second mortgage payment if the rate is higher than you had originally planned.
- The first place to try to get a second mortgage on a double-wide with bad credit is your first mortgage lending institution. The lender is already aware of your situation since they hold the first position on your double-wide. If they feel the second mortgage request is justified, they may be willing to give you more favorable loan terms.
- Try using a co-signer to get a second mortgage on a double-wide with bad credit. Your first mortgage lender may be hesitant to approve you on your own due to your credit problems. Ask your lender if they will approve your loan if your co-signer qualifies.
- If your primary lender is unable to help you with your loan request, see if they know of any other sources. A second mortgage on a double-wide with bad credit may still be an option even though you were unable to get an approval from the first mortgage holder.
- Check for lenders by using the internet. Search for lenders that offer a second mortgage on a double-wide with bad credit. You may not find one in your area, but that is not a problem since there are many online lenders available. Be sure to research the lender’s reputation before agreeing to any loan terms.