Has anyone had any success buying your MHP mortgage back from your bank at a discount? The bank that provided financing for our park has run into some liquidity problems. They are publically traded, but too small for much TARP money, so they are looking to issue a huge amount of new stock (stock now less than $1.00) to raise cash. We recently met with the VP handling our account, and the banks stated goal is to reduce commercial exposure within Michigan, where we are.
So, we’ve found another, stronger bank that will finance our park, assuming we can get our existing bank to take a 25-30% haircut on principal balance.
had any success doing this
if so, any hints on sucessful strategies?
Any thought are very much appreciated