The house is in a park, not on private land. It's a big one, 2400 sq.ft. I am current with the payments, but my job is making me move 500 miles away, I won't be able to make payments on 2 homes. Is it better that they repossess it or foreclose? It's for sale but the market doesn't look good, homes have been for sale there for over 4-5 yrs. Renting is out of the question, I can't afford the insurance they charge for a rental modular, and I don't want it destroyed by the kind of tennants it would draw.
2007-03-31 00:44:11 · 3 answers · asked by Kathryn C 1 in Business & Finance ➔ Renting & Real Estate
From a practical standpoint the two are one in the same. The difference is really down to legal definition and semantics more than anything else. With a repossession, the lender retakes physical possession of the property and transports it to their premises for sale. With a foreclosure the lender takes back legal title generally without moving the property. A car would be repossessed while a home would be foreclosed upon. A mobile or modular home could probalby go either way.
Both will trash your credit and leave you in a situation where you won't be able to buy another home for several years and will even impact your ability to find a decent rental property.
You really have 4 options -- and letting it go back to the lender isn't one of them:
1. Sell. Any property will sell quickly at the right price. If your broker isn't working this for you, find someone who will.
2. Short sale. Contact your lender first and see how far they'll work with you on this. They really DON'T want to foreclose and may well be willing to let a portion of the loan slide on a short sale -- even to the point of not putting any negative information in your credit file.
3. Rent it out. Contact a professional property manager and get some REAL numbers on costs, market value, etc. Property managers are worth their weight in GOLD, especially if you're an absentee landlord. They'll run credit checks and check references and generally keep the "riff-raff" out. They'll inspect the property regularly and make sure that it's taken care of. They'll handle evictions if they ever become necessary. And they can often get a line on lower cost insurance than what you may find. Simple things like prohibiting pets and smoking can have a major impact on your insurance rates.
4. Check with your employer. Some employers offer assistance to their employees when they move them around, up to and including buying your home from you or covering the mortgage payments until you do sell.
Whatever you do, a repo or foreclosure is the LAST thing that you want and must be avoided at all costs!
2007-03-31 01:39:31 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If at all possible, avoid either one. If there's any way to drop the price to where you walk away without a dime, at least it won't beat up your credit. Even a voluntary repossession where you give the property to your lender is better than waiting and having it taken away.
2007-03-31 08:02:33 · answer #2 · answered by Shane 5 · 1⤊ 0⤋
a significant challenge for advocates is the lack of available demographic information about who lives in manufactured home communities. This data can be a critical tool because through data it is possible to challenge the inaccurate preconceived notions about manufactured home communities that are shared by both policy makers and members of the general public. The directions above, along with this template, will allow you get an idea about the demographics of those living in manufactured home parks in your state.
2007-03-31 07:48:24 · answer #3 · answered by i?islam 1 · 0⤊ 2⤋