I have since remarried. My previous husband and I still have a single wide mobile home that we co-own. I have taken on the responsibility of this, although it remains in both our names. I can't continue to pay for this mobile home and want to return it to the lender. What are the consequences of this. It is in Alabama.
2006-09-29 08:10:25 · 2 answers · asked by letsgoresearching 2 in Home & Garden ➔ Other - Home & Garden
It will of course put a kink in your credit. But what the lender will do is try and sell it. If they don't get what you owe, you will have to pay the difference. Have you tried to sell it? As long as you're willing to give it up, sell it to someone to just take over the payments and then you'll be in the clear. Good luck, what ever you decide to do.
2006-09-29 08:15:04 · answer #1 · answered by jepa8196 4 · 0⤊ 1⤋
Since it is in both your names, the loan company will go to your ex to get the payments. If he cannot make them, then they will foreclose on it. It will go on your credit as a "Foreclosure" and will not be good. The best bet would be to try and sell it.
2006-09-29 08:36:42 · answer #2 · answered by bugear001 6 · 0⤊ 0⤋