What kind of loan should be used for a manufactured home on a basement with a score of 572?
It would be a subprime loan, which means it is less than good credit. If you were to purchase the home your interest rate would be much higher than prime credit. It will usually be 2-4 percentage points higher. If your credit score was 750+, your rate may be 6.5% or 7% with something between 550-575, you may get a rate of 9%-12%. At 7% monthly mortgage payment on $100,000 = about $665.30 At 10% monthly mortgage payment on $100,000 = about $877.57. Therefore you could be paying 212.57 more a month for your lower credit score. That would equal $76,417.20 over the life of a 30 year mortgage. Make sure that you raise your credit score as soon as possible and refinance your mortgage as soon as you get a higher credit score. Good luck! Henry
What if you have a 1 story house and no storm cellar with all the rooms having windows and a tornado happens what will you do?
You shold not be in the basement during a hurricane. The main threat in a hurricane is flooding, which would make the basement one of the worst places you can go. If you have not evacuated, you should stay on the first floor of your home and be prepared to move upstairs should water enter your home.
If a borrower defaults on loan payments for a manufactured home in Michigan, the creditor can take the manufactured home. If the manufactured home is real property the repossession and foreclosure is on the manufactured home alone. If the home is being used for residential purposes, the home is repossessed according to personal property laws.
If you are filing a homeowners insurance claim because your basement was flooded then be sure to be specific when making the claim because most homeowners do not have flood insurance. If your basement flooded as a result of a broken or leaky pipe or from some other cause from inside the home then you should be fine but if your basement was flooded as a result of an outside source then you may not.
A basement would be the safest place during a tornado, but many homes don't have a basement. If yours doesn't, you need to go to an innermost room/area of your home where there are no, or few, windows. A hallway is sometimes the safest place, sometimes the bathroom, particularly the bathtub is the safest place. It just depends on each individual home. If you can, get under a mattress, but not under the bed. If…
What should you do if you are at home without a basement and a tornado warning is issued in your area?
The ciruit breaker box. This is usually mounted near the main power source in the home. Try the basement, the back porch, or near the kitchen. If all else fails, go outside and look where the power meter is. The breaker box should be nearby inside the home. In many homes the electrical panel is in the basement. In homes that do not have basements the electrical panel is placed in the garage.
If you have one, you should seek shelter in a basement or storm cellar. If your don't have access to underground, go to an interior room or hallway on the lowest floor. A bathroom on the lowest floor may also be good. If you live in a mobile home, leave for some nearby sturdier shelter, which you should plan out in advance. If you live in a tornado-prone area and don't have a basement, you…
During a hurricane you should not go to a basement, even if you can easily get to one. The greatest danger in a hurricane is flooding, and going underground increases your chances of drowning, The best place to be is in a bathroom or closet away from windows. If you have a second floor in your house you should be prepared to go to the second floor if water enters your home.