What can I do with Mobile Home

What is the name of your state? missouri usa

Ok, My wife and I bought a repo Mobile home a little over 3 years ago. Since then My job has moved me and we are trying to sell the home. By the way we still are paying on it. Well we haven't had any luck selling it. We can't afford to make two paymets on it and on the place were we live know. Is there anything we can do besides letting it go back or banckruptcy. So we could get out of under the payments. Or which one of those optons would be best. Thanks for the help

Mikeb27

If you want more info please email me at [email]brooks_mike_@msn.com[/email]

neither option is one I would choose until the last possible moment. Have you contacted a real estate agent where the mobile home is located to see if they would take on rental management?

This is a situation where the rental agent rents the home, collects payments, takes 10 to 15% for management fees and sends you the rest. If the local bank has the note you could have the agent deposit the remainder in a special account where the bank would have access to it to pay the note monthly.

You might have to supplement the account to make up any shortfall, but paying a small amount every month is much better than bankrupty or letting your credit suffer.

The mobile home is setting in a trailer park and the manager will not let anyone rent them out. We had tryed that and he said no.
So I can't do the rent thing. even though I would have liked to.
Any other Idea's I am open for anything. Even to burn it down and collect insurance. Well I wouldn't do that.

Then you need to move it to a consignment lot where it could be sold on commission.

Other than that I would try like hell to make both payments until you have a buyer. Your credit will be affected if you send it back to the bank and even if they are able to sell it, you'll still be liable for the difference between the sales price and what you financed it for.

[HomeGuru]

Originally posted by mikeb27
What is the name of your state? missouri usa

Ok, My wife and I bought a repo Mobile home a little over 3 years ago. Since then My job has moved me and we are trying to sell the home. By the way we still are paying on it. Well we haven't had any luck selling it. We can't afford to make two paymets on it and on the place were we live know. Is there anything we can do besides letting it go back or banckruptcy. So we could get out of under the payments. Or which one of those optons would be best. Thanks for the help

Mikeb27

If you want more info please email me at [email]brooks_mike_@msn.com[/email]

**A: contact the lender and see what options they have available.

The lender is Greenpoint Credit. They are The creaditor that the mobile home company went through. They no longer do an new home loans. But i will try to give them a call and see if there is any thing we can work out.

[HomeGuru]

Originally posted by mikeb27
The lender is Greenpoint Credit. They are The creaditor that the mobile home company went through. They no longer do an new home loans. But i will try to give them a call and see if there is any thing we can work out.

**A: it does not matter if they do not do new home loans or are even in the home loan business. That is your first point of contact.

Mike

Have you explored owner finance or contract for deed/ title. Since it is in a park the home is not titled with the land and therefore may be personal not real property.

There are alot of good people who need a low cost move-in in order to buy. Then the park owner has no reason to object.

Real Estate101 is creative finance

[HomeGuru]

Originally posted by csadave
Mike

Have you explored owner finance or contract for deed/ title. Since it is in a park the home is not titled with the land and therefore may be personal not real property.

There are alot of good people who need a low cost move-in in order to buy. Then the park owner has no reason to object.

Real Estate101 is creative finance

**A: what a joke. The mobile home is personal property therefore there is no deed.

[Souix]

Originally posted by mikeb27
What is the name of your state? missouri usa

Ok, My wife and I bought a repo Mobile home a little over 3 years ago. Since then My job has moved me and we are trying to sell the home. By the way we still are paying on it. Well we haven't had any luck selling it. We can't afford to make two paymets on it and on the place were we live know. Is there anything we can do besides letting it go back or banckruptcy. So we could get out of under the payments. Or which one of those optons would be best. Thanks for the help

Mikeb27

If you want more info please email me at [email]brooks_mike_@msn.com[/email]

**Mobile homes in parks are extremely difficult to sell and since you are still making payments on it, it probably would not be feasible to carry a contract (due on sale clause with lienholder). Can you remove it from the park and then sell it? Its the park that is the problem. Mobilehomes in parks depreciate with each rental space payment and the buying public knows this. Along with calling your lienholder, also call manufactured home dealerships in the area that may be willing to purchase it from you. Also call area realtors and see if they have any clients that are looking for a home to place on bare land. Just suggestions on how to get rid of it.**

[HomeGuru]

Originally posted by HomeGuru
**A: it does not matter if they do not do new home loans or are even in the home loan business. That is your first point of contact.

######
So writer, did you find anything out?

not yet we are still working on this issue the loan company was no help they told us to do what ever we needed to do.

[HomeGuru]

Originally posted by mikeb27
not yet we are still working on this issue the loan company was no help they told us to do what ever we needed to do.

**A: ok. Good luck to you.

What about Social Services,Dept.Family Services or other similar organizations who are known for helping low-income,single parent, etc. with this sort of thing. (ie:a place to live,steady job, fresh start) FHA will pay up 4% of downpayment/closing costs for first time homebuyers. And with interest rates where they are.....cha cha check it out!!!

[HomeGuru]

Originally posted by Colliemom2
What about Social Services,Dept.Family Services or other similar organizations who are known for helping low-income,single parent, etc. with this sort of thing. (ie:a place to live,steady job, fresh start) FHA will pay up 4% of downpayment/closing costs for first time homebuyers. And with interest rates where they are.....cha cha check it out!!!

**A: the writer already has a job and they are not first time homebuyers.