It seems I remember hearing of a type of foreclosure where you simply give your house back to the bank. I know it sounds crazy but I do know there are different types of forclosures. Also does it make a difference what bank the home is financed through and the fact that its a manufactured home.
I hope there's some loan officers out there that can offer some insight. thanks.
2007-09-02 08:39:03 · 8 answers · asked by Marky Mark 1 in Business & Finance ➔ Credit
You're thinking of deed in lieu. The bank would have to agree to accept you signing the deed over to them as settlement for the loan. It's not likely the bank will accept it on a manufactured home.
Is it sitting on land you own or is it in a trailer park on rented land? If you don't own the land, you are in serious trouble.
2007-09-02 10:22:22 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
It is amazing as to what you can work out if you go in and discuss your situation with the bank manager. When I was selling my condo because I lost my job, I could not make the last payments on it before the date of sale. I worked it out with the bank to have them charge the interest to the final amount. When the sale went through they received all the interest and principal owing back. No damage was done to my credit. Both sides were happy.
2007-09-02 16:32:35 · answer #2 · answered by Alletery 6 · 0⤊ 0⤋
Afraid not. If you are unable or unwilling to pay back the mortgage you promised to pay, the lender has every right to put a report of default on your credit history. And guess what else they can do? If they foreclose, the can file a 1099 to the IRS and gross up your income for the balance of the mortgage plus expenses. So be very sure you want to let it go.
2007-09-02 17:29:31 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
Trailers are treated more like a repossession than a foreclosure.
You are probably VERY upside down on the loan as the trailer depreciates kind of along the lines of an auto.
At this point any path you take will affect your credit rating.
2007-09-02 16:26:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes if you die. Then you don't need the credit so it is a moot point. Otherwise, you can damage your credit by not agreeing to pay like you did agree when you signed a promise to pay (note) when you were given the loan in good faith. Why would you want to default???? Credit is a priviledge and an honor to have and should be guarded carefully and respected!!!!
2007-09-02 19:15:47 · answer #5 · answered by dianaparisian 4 · 0⤊ 1⤋
If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/
2007-09-03 10:26:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Nope, you can make any arrangement you want but the fact is you defaulted and it will show up on your credit
2007-09-02 17:27:07 · answer #7 · answered by Pengy 7 · 0⤊ 0⤋
Forget it, you'll damage your credit.
2007-09-02 15:51:53 · answer #8 · answered by Suzy 5 · 1⤊ 0⤋