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I know this now. What if we default? What is the likelihood they will come after us for deficiency? Obviously they are not going to get what we owe on it.
I am far from an expert, but if you default on this loan, or any loan, it will be nearly impossible for you to purchase a new home for several years.
It's no one's business and you are not forced to tell, but it does make a difference if you are trying to sell. IF you have really horrible loud neighbors on both sides it makes a difference. Whatever your reason it may make a difference to the buyer.
What BUYER? We've had NO showings on this place. No, we don't have loud neighbors.
We have a discounted lot rent for another year then it goes up to 450 or something. So we pretty much pay a mortgage. THAT'S why people are not buying this place, plus it's hard to even get a loan for these.
Thanks all for your help. We will see what our future brings. Hopefully a new place to us.
Most parks do, so it's kind of a given. We don't need to put all of that in the listing.
Yes, the pictures are what they are. Our broker made us scale them way down, they were really nice before that. They also didn't put all of them in, and take ones down that I requested. They were terrible to work with. And I'm glad we are no longer using them.
It doesn't really matter why we want to move? I don't see why that makes any difference.
Ohhh I don't know $16,000 bucks makes a difference to most.
We bought ours thinking it would help our credit out, and the park manager said they would buy it back. Now we want to buy a stick built, park will give us 16k less than we owe. Had it for sale and it's "too expensive". WTH are we supposed to do, just stay here? We are in Michigan, in a great school district, but the park life isn't for everyone. We feel we were severely duped into this. What are our options at this point?
Thanks.
I will never understand how people think that an unwise, overpriced purchase on credit is going to help improve their financial situation. I knew someone who lost his inexpensive home to foreclosure before 2008. And he had a decent income. First thing he did after the foreclosure was to go out and buy a big honking new truck, "to build my credit." 7 yrs later, still living in a crappy rental in a town with bad schools, still paying off the truck.
Talk to a lawyer. If it can be done, buy the new house, and whatever else you need first, like a car. Then default on the trailer home. Make yourself judgement proof. They can repo the trailer.
I will not be defaulting on the manufactured home. It in fact did help our credit, just not helping us now. We've never had a problem financially with buying it. Yes we COULD get a new loan on a home, and default, they will repossess then sue us for the deficiency. We do not want to do that after building our credit up to get a home loan. It is what it is. Lesson learned. We will be out the money to get rid of it, and I feel that's the lesser evil than destroying our credit, having liens on our cars and new house, and wage garnishments. When I made this post I did not think of the possibility of borrowing against our 401k. Yes it sucks, but again, the better option overall.
I will not be defaulting on the manufactured home. It in fact did help our credit, just not helping us now. We've never had a problem financially with buying it. Yes we COULD get a new loan on a home, and default, they will repossess then sue us for the deficiency. We do not want to do that after building our credit up to get a home loan. It is what it is. Lesson learned. We will be out the money to get rid of it, and I feel that's the lesser evil than destroying our credit, having liens on our cars and new house, and wage garnishments. When I made this post I did not think of the possibility of borrowing against our 401k. Yes it sucks, but again, the better option overall.
If staying where you are is not an option that you want, now would be the time to get rid of that loss and buy a home while prices are still lower and so are interest rates. Just make sure that you have not signed a lot lease for 5 years or more that they plan to hold you to. Buying a new home will start to earn you equity in a home instead of the depreciation with the mobile home. and you may be able to buy a home for what you are paying now plus the lot rent fee that is going to go up.
If staying where you are is not an option that you want, now would be the time to get rid of that loss and buy a home while prices are still lower and so are interest rates. Just make sure that you have not signed a lot lease for 5 years or more that they plan to hold you to. Buying a new home will start to earn you equity in a home instead of the depreciation with the mobile home. and you may be able to buy a home for what you are paying now plus the lot rent fee that is going to go up.
We are only responsible for the lot while we own the home, so that's easy enough.
One thing I didn't mention, we have had a home before, but lost due to the loss of my job (this was back when a bunch of people did). So we are part of that boom that has now built their credit up, gotten smarter about home buying, and is looking for a home again. The mobile for us was a better option than an apartment, since we have a dog. It has served us well for what we needed, but we are now ready to move on and have a real home. It does suck that we really didn't do any research about buying it, and what it would cost us in the end, but that's our problem.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Good schools? Unfortunately, on your listing page it shows the scores as 8, 6, and 5 out of 10 for the elementary, middle and high schools. That 8 is not bad but 6 and 5 are.
It does look like a nice house and a surprisingly nice park. Good luck, hopefully someone will make a strong offer.
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