Should we walk away from our House???

What is the name of your state? Minnesota

We purchased a 2000 manufactured home in 1999. After trying to sell it for a year where it was purchased in Ohio, we moved it to Minnesota to try to sell it here. That cost us 12,000.00 and we lost money on it. It has been for sale two years here now, with only 1 person that has gone through it. Three different real estate places listed and we put up signs and tried everything to sell it. It is a beautiful new in new condition but it is in a very dangerous and unpopular mobile home park here. We have tried everything to get out of this park with our kids because we dont want them to grow up here. We do not feel safe. We owe 44,500.00 on it and found out today that it appraised at 33,000.00. We do not know what to do and have thought about just walking away from it. Can anyone tell me how badly that would damage our credit and how long it would take to be able to purchase another home. Is this terribly unethical? We are really feeling desperate here and need some advice on what we should do

Daniel

[MortgageGuru]

Have you considered renting it out and you and your family go and rent something else?

[JETX]

Originally Posted by danbnathalie

Can anyone tell me how badly that would damage our credit and how long it would take to be able to purchase another home.

Of course, no one can answer those questions without a complete and thorough review of your full financial condition.

We have tried to rent it out and have run total of about 10 ads to try this. For the park we live in and the condition of the area, the people who do rent here cannot afford to pay $900.00 which is what we would have to do to break even. We wouldnt even make money on it.

is this a truly "mobile" home? If so... move it! Or sell it foer whatever you can and take the hit. This is similar to people who buy homes in the inner cities and are shocked when their property values decline. Get out now with your kids while you still can.

[HomeGuru]

Originally Posted by danbnathalie

We have tried to rent it out and have run total of about 10 ads to try this. For the park we live in and the condition of the area, the people who do rent here cannot afford to pay $900.00 which is what we would have to do to break even. We wouldnt even make money on it.

**A: who said anything about breaking even? Rent it out for market value or less and pay the negative or move it to another park.

Where is the park located? If you are in a rural area I would suggest purchasing a lot and building a foundation under it. If you are in northern Minnesota you could even look for a lot on a lake and sell it as a cabin or a second home. The market is very slow right now. With rates still low people can afford more expensive homes. Also your appraisal is not set in stone. You could ask a few appraisal companies to do a comp search for you. Many of them will do this for free, or for much smaller fee.