Manufacture Home - I want out!

[bki44]

I own a newer manufactured home in a park in Oregon. There is no market for my home and I'm paying to much in mortgage and space rent. Can I "give it back" to the bank? What penalties might I face? I think it qualifies as a retail installment loan rather than a mortgage. Does this make a differance. Any info would be much appreciated.

 

[TimC]

Typically what will happen is that the bank will then auction off the property, or attempt to sell it outright to whomever will give them some cash.

The bank will then deduct that amount of money from the amount of your loan. You will then remain liable for the remainder.

As an example...

If you OWE $100,000 on the home, and the bank auctions it off (or sells it some other way) for $50,000; you are still liable for the remaining $50,000.

There will, of course, also be a repossession on your credit report, whether it was "voluntary" on your part or not.

Tim