Foreclosure On Mobile Home

[GRANDAMGT]

What is the name of your state? OHIO MY HUSBAND AND I ARE GOING TO HAVE TO LET OUR MOBILE HOME GO INTO FORECLOSURE. DOES THE LEUI OF DEED APPLY TO MOBILE HOMES IN THE STATE OF OHIO? HOW DO I GO ABOUT DOING IT? THANKS

[lcannister]

How upside down are you on the loan? In other words what is the REALISTIC value of the mobile compared to what is owed on it?

I am not sure that the same principals apply to a mobile as a stick built unless you own the land it is sitting on but have you talked to the bank holding the note? Have you ask them to take the mobile back in exchange for a satisfaction in full? That is basically what you are trying to do.

What steps have you taken so far?

Before signing any paperwork make sure they will not come after you for a difference at a later time.

My suspicion is that you are upside down on the loan, they depreciate rapidly unless attached to your land, and they may not want to deal with such issues. TRY and even see if they will work with you to keep from loing it if that is what you want to do!