Grown kids have got us down!!

We purchased a mobile home for our daughter and her husband. They have separated and our daughter cannot pay the loan and all other expenses by herself. We are now retired and do not want the expense. If we let the loan company take the mobile home on a voluntary repossession what will their action be to us? We have some assets including land, vehicle, travel trailer, art, stocks and annutities. Any advice would be appreciated.

MJ

If you purchased the trailer, then you signed or co-signed for the loan. That means you are ultimately responsible for it. Even if you let the bank repo the trailer, they will still come after you for the difference of what is owed after they auction it off -- the difference can be (1) balance still outstanding if bid was lower than amount owed; (2) legal fees for reposession; (3) transport fees; (4) taxes; (5) auction fees; (6) etc. Your best bet would be to try and sell it straight out or get a buyer to assume the loan. If someone assumes the loan, make sure your names are taken off the loan. And don't forget the park where it is located. You probably also signed a lease to rent the space and utilities.