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Settlement or Voluntary repo?

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inshreds

Guest
What is the name of your state? California

We are selling a mobile home that we are no longer living in and can’t afford because of our current rental payment. It is now worth much less that what was paid for it.

We’ve dropped the price twice and have been undersold at least 4 time.

We’ve thought about a settlement offer to the lender or a voluntary repossession. It is my understanding that either of these will affect our credit.

How is credit affected in both of these instances and what is our responsibility afterwards? Which way is the better way to go?

Thanks.
 


HomeGuru

Senior Member
inshreds said:
What is the name of your state? California

We are selling a mobile home that we are no longer living in and can’t afford because of our current rental payment. It is now worth much less that what was paid for it.

We’ve dropped the price twice and have been undersold at least 4 time.

We’ve thought about a settlement offer to the lender or a voluntary repossession. It is my understanding that either of these will affect our credit.

How is credit affected in both of these instances and what is our responsibility afterwards? Which way is the better way to go?

Thanks.
**A: is there land involved? If not, you do not have a real estate question.
 

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