I am trying to figure out a way to get out from under this mobile home we own. We owe $33,600 on it. It has been for sale by owner for about a year. We've only had one interested person and she backed out. We have no room here and really need a bigger house. Should we try deed in lieu or short sale?? I am hiring a realtor to help us and I'm going to call my mortgage company. I don't want to foreclose because then we'll never get a house. We owe more than it's worth and we have to pay lot rent too.
2007-09-07 15:29:07 · 6 answers · asked by ? 2 in Business & Finance ➔ Renting & Real Estate
it is in a park and no one is going to rent it at almost $600 a month, that is a house payment!!
2007-09-07 16:02:32 · update #1
Unfortunately, mobile homes don't hold their value like a house. A realtor could probably help you find a solution. You don't want to risk damaging your credit with a foreclosure.
2007-09-07 15:45:33 · answer #1 · answered by Flyby 6 · 0⤊ 0⤋
Is it on your land ?
Move it , and build something else .
Is it in a rent a space park ?
Ya , not many people going for that . . .
Rumor has it no insurance companies will cover them .
$33 K ? That's about the price of a car but you get more years to pay . Got to be small payments .
Surely you could rent it out to cover them .
>
2007-09-07 15:37:36 · answer #2 · answered by kate 7 · 0⤊ 0⤋
since you've tried to sell it already I think the deed in lieu is the best way if they will do it..why not just rent it out..show it as income property and get that bigger house!
2007-09-07 15:38:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Mobile is a best way for a home sale. My friend has brought home with help Sam winter.
2014-12-03 17:49:34 · answer #4 · answered by Jarred 2 · 0⤊ 0⤋
the quantity that s short, you will could pay taxes on. so in case you owe 40k, short sale for 20k, on the top of the 365 days the economic business enterprise will deliver you a 1099 for 20k, so who ever buys it attempt to get a money volume of a minimum of 15% to conceal your taxes.
2016-10-10 04:13:58 · answer #5 · answered by ? 4 · 0⤊ 0⤋
What state are you in? Is it insured? Are you in a tornado prone area? Do you believe in miracles? Get where I'm going here?
2007-09-07 15:46:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋