Home     Law Advice     Insurance Advice     Community    
Go Back   FreeAdvice Legal Forum > REAL ESTATE LAW > Mortgages, Refinancing & Foreclosure

Powered by Attorney Pages


  Find An Attorney In Your Area    
 

Reply
 
LinkBack Thread Tools Rate Thread Display Modes
  #1  
Old 10-25-2006, 12:30 AM
Junior Member
 
Join Date: Oct 2006
Posts: 1

Need to leave manufacturered home in Ohio


What is the name of your state? California

Please help. We are trying to help our son and his wife move back to California from Ohio. He has a manufactured home mortgaged by Vanderbilt Mortgage and Finance. The home has no equity and is likely to be worth much less than what is owed. His unemployment will stop soon and has little hope of finding work that will afford him to stay. He has no car, no phone and lives an hour outside of Cincinnati. He has a job opportunity in California, but must be available to work by December 1st. Without this California job, he would probably file for bankruptcy. With the job, he would not be eligible to file. He is not yet delinquent on his mortgage, but will by next week, so there is not a threat of foreclosure at present. He has called Vanderbilt - and no one will talk to him without a return phone number. He has no time or resources to try to sell the home and simply wants to leave Ohio. He is willing to risk foreclosure and consequences to his credit rating, to leave. Is there any way he can surrender his home given the short window he has to get to this job? He would continue to pay the rent at the home park until it is confirmed that he would no longer be respobsible for the rent, but cannot afford to continue payment on the home.Is there some way he can leave this mess without it haunting him forever? Thankful for any advice that might be available.What is the name of your state?
  #2  
Old 10-27-2006, 04:05 PM
Member
 
Join Date: Feb 2002
Posts: 517
He can:
1. Rent it out until such time as the amortization of the loan brings the debt down to a level where he can sell.
2. Work out a short sale with the lender. Or a deed-in-lieu of foreclosure. (Normally you have to be delinquent to do this)
3. Get a roomate and/or get a job in Ohio.
4. walk away
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On
Forum Jump

All times are GMT -5. The time now is 03:42 PM.



IMPORTANT NOTICE
THE VIEWS EXPRESSED ON THIS PAGE WERE NOT REVIEWED BY THE EDITORIAL STAFF OR ATTORNEYS AT FREEADVICE.COM. Thousands of professionally prepared and reviewed questions and answers in 130 legal categories are to be found at the Question and Answer pages at FreeAdvice.com.

F
reeAdvice Forums are intended to enable consumers to benefit from the experience of other consumers who have faced similar legal issues. FreeAdvice does NOT vouch for or warrant the accuracy, completeness or usefulness of any posting or the qualifications of any person responding. Use of the Forums is subject to our Terms and Conditions which prohibit advertisements, solicitations or other commercial messages, or false, defamatory, abusive, vulgar, or harassing messages, and subject violators to a fee for each improper posting. All postings reflect the views of the author but become the property of FreeAdvice. Information on FreeAdvice or a Forum should not be relied upon and is not a substitute for advice from an attorney licensed in your jurisdiction who you have retained to represent you. To locate an attorney visit AttorneyPages.com. Copyright since 1995 by Advice Company. All Rights Reserved.