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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?
Mobile homes depreciate in value over time so they aren't a good real estate investment. Unless you can bring cash to close, I don't see that you have many choices if you can't sell it on the open market for what you owe.
Mobile homes depreciate in value over time so they aren't a good real estate investment. Unless you can bring cash to close, I don't see that you have many choices if you can't sell it on the open market for what you owe.
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.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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For the amount involved, they will almost certainly go to court and seek a judgement, and put a lien on your accounts and pay for the difference between what they get and what you owe. Have you considered renting it out, and would the rent be sufficient to cover the loan, insurance and maintenance?
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 have no knowledge about the contract you signed. I'd do a consultation with an attorney.
For the amount involved, they will almost certainly go to court and seek a judgement, and put a lien on your accounts and pay for the difference between what they get and what you owe. Have you considered renting it out, and would the rent be sufficient to cover the loan, insurance and maintenance?
They will just sell it back to the park, and we would probably have like a 16k difference. There is no way around it. We are looking to rent it out right now, but of course the park manager told us only family can rent it out, *rolls eyes*. Again, this is all a nightmare. "oh sure, we will buy it back from you no problem! But we won't tell you that we won't give you what you owe."
At one point or another, this will bite us. I can't think of any other way except to just live there. And my family and I were not thinking of this being a permanent solution. We are ready to have a home, a yard, a life. And this stupid expensive box on wheels is ruining everything.
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.
Yes, you have to stay there or get foreclosed on if you refuse to pay and then you won't be able to buy a home. You really should have done research. Stay until it is paid off, you don't have much other choice. By the time it's paid off you will be lucky to get a few grand for it. Sounds like it's on a rented lot which makes it worse. Sounds like you are stuck, keep trying to sell it on your own. Unless it's new no bank will give anyone else a loan to buy it. We have foolish people in my area who want to sell a 40 year old double wide for $50,000 when they would have trouble getting $10,000 for it since the lot rents are so high.
They will just sell it back to the park, and we would probably have like a 16k difference. There is no way around it. We are looking to rent it out right now, but of course the park manager told us only family can rent it out, *rolls eyes*. Again, this is all a nightmare. "oh sure, we will buy it back from you no problem! But we won't tell you that we won't give you what you owe."
At one point or another, this will bite us. I can't think of any other way except to just live there. And my family and I were not thinking of this being a permanent solution. We are ready to have a home, a yard, a life. And this stupid expensive box on wheels is ruining everything.
It's too late, you are stuck, live and learn, you should have researched it better before getting into this nightmare. Keep looking for a sucker to sell it to, even if you have to sell it for a loss it's better than being stuck forever.
How old is it? How much is the lot rent, how much did you buy it for and how much do you owe on it?
Try to find a realtor to list it for you to sell. Even if you can walk away from it and not lose money it's a win, anything you put into it is already a loss.
It's 3 years old, all drywall. We owe 51,000. We have already listed it, but throwing commission on there doesn't help. Telling me I should have researched isn't really helping me. I realize that now, already feel terrible, don't need to be made to feel worse. We don't have to put anything into it because it's so new. Yes, it being in a park sucks, but at least the community it is in is nice. Was just looking for some advice. Thanks.
It's too late, you are stuck, live and learn, you should have researched it better before getting into this nightmare. Keep looking for a sucker to sell it to, even if you have to sell it for a loss it's better than being stuck forever.
How old is it? How much is the lot rent, how much did you buy it for and how much do you owe on it?
Try to find a realtor to list it for you to sell. Even if you can walk away from it and not lose money it's a win, anything you put into it is already a loss.
We can already sell it back to the park if we want to, at a loss. What I'm trying to figure out is how are we supposed to come up with the difference? It's not like we have 16k laying around.
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