We moved out into our new home about a year ago because we had sold our mobile home. Well, the deal fell through, and now we've been making 2 mortgage payments for over a year, not to mention, still paying utilities, insurance, etc... on the old home. We have drastically reduced the selling price - to where we are already taking a $20,000 hit just to get rid of it. We are at our end and cannot do anything else.
People keep telling us to just "give it back to the bank". Obvioulsy, this will hurt our credit score. Anything else? What are the consequences of doing this? We are not people who would have something go into a delinquent status, but so many people have told us to do this, that we don't know if it's our only option left. We just want to know the consequences if it were to ever come to this.
2006-11-02 04:19:58 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If you have a mortgage on the mobile home, it will show up as a foreclosure on your credit report. It will make it hard for you to get any kind of credit or refinance your home.
Why don't you try renting the mobile home out or doing a lease purchase or land contract on it? If you do a land contract, you are basically doing a private mortgage. You draw up a contract, giving the renter a year to get their own financing. In the mean time they are paying rent and covering your mortgage payment.
2006-11-08 16:15:00 · answer #1 · answered by kelly h 3 · 0⤊ 0⤋
What about finding the people that advertise "will buy properties" or contacting mobile home parks that rent the homes, or even contact used lots to see if they have interest.
2006-11-02 04:28:36 · answer #2 · answered by #2 in the oven 6 · 0⤊ 0⤋