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I have a mobile home I bought 12 years ago that I no longer want to live in due to the neighborhood went down the toilet and can't have my 1 year old live there anymore. I cannot sell it because I do not own the land and it needs some serious repairs so I can't rent it out. My only? option is a voluntary foreclosure, I have the paperwork. I know they will sell it for cheap and I am responsible for the deficiency balance, don't want to be...whatcan I do? What happens in this process? Should I declare chapter 13? Please help
I agree with Texdav. Go talk to an attorney. They will advise you on the best course of action with the lease amount of financial pain. There may be other options but an attorney familiar with your state laws can lay them all out for you.
Don't rely on internet posters to know what's best or even know what's legal.
Best of luck to you..don't wait to long; the longer you wait, the less options you may have.
Thanks for the advice. I know that I wouldn't automatically qualify for bankruptcy just because I don't want the house anymore I just don't want to have to make a payment on something I don't own plus my house rent on my new home. I know that people disagree with what I am doing but I am doing it for my child.
I don't understand why you can't sell the mobile home. You can sell the TRAILER, and the buyer will have to move it somewhere. That's okay -- that's why they call it mobile. That's exactly what the bank would do if they reposessed it.
I don't understand why you don't just move to a new rented lot yourself. You said your main reason for not wanting to be there anymore was decline of the area...the house is mobile, so move to a different area. Sure, it costs money, but so would a foreclosure.
The mobile home is too small for us now since we had a child. The mobile home is in need of repairs before it could sell and I don't have the money for that. The one whole floor is in need of repair due to our dogs messing it up. I guess it is too late now since my mortgage company said they are sending out someone to look at the house and move it to be auctioned off. I guess I have to deal with it and pay for something that I no longer have. I never should have bought one in the first place but I was young and naiive. I am now paying for my mistakes.
I really agree with the pps. Please get some legal advice offline. That said, I would personally urge you to really look at selling it yourself. A ruined floor in one room isn't the end of the world. There are people who gut rehab mobile homes and flip them--probably who the bank is going to sell it to. Why not sell it to someone like that yourself? Does the park you live in finance the homes or is this an actual bank?
I'm wondering how close you are to paying this off? 12 years seems a long time to be paying on a mobile home. I'd hate to see someone who was almost paid off lose everything they put into it.
Also, I don't know what your plan is for moving, but having little money, a child, pets AND a foreclosure on your credit report isn't going to make finding a suitable rental in a good area easy.
The mobile home is too small for us now since we had a child. The mobile home is in need of repairs before it could sell and I don't have the money for that. The one whole floor is in need of repair due to our dogs messing it up. I guess it is too late now since my mortgage company said they are sending out someone to look at the house and move it to be auctioned off. I guess I have to deal with it and pay for something that I no longer have. I never should have bought one in the first place but I was young and naiive. I am now paying for my mistakes.
----The one whole floor is in need of repair due to our dogs messing it up------
Whose fault is that ?
No sympathy here !
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