What to do with our Moblie Home

[adienpryde]

What is the name of your state?MN

We are in the process of moving into my fathers home with him and we are looking to get rid of our house which is a mobile home. The payoff to the mortgage is about $37000 but it is only valued at $29900 due to depreciation of being in a mobile home park. We have had problems with credit so that won't be an issue, but we can't afford to take the hit if we sell it for it's value, nor do we think we will be able to sell it for what we owe. What options do we have? Is letting the mortgage company take an option, and is there deficiency payments on mortgage's? The park owners only buy them if they are repossessed so that isn't available either? any help would be great.

Thanks

P.S. We are thinking of just letting them take it.

 

[Veronica1228]

What is the name of your state?MN

We are in the process of moving into my fathers home with him and we are looking to get rid of our house which is a mobile home. The payoff to the mortgage is about $37000 but it is only valued at $29900 due to depreciation of being in a mobile home park. We have had problems with credit so that won't be an issue, but we can't afford to take the hit if we sell it for it's value, nor do we think we will be able to sell it for what we owe. What options do we have? Is letting the mortgage company take an option, and is there deficiency payments on mortgage's? The park owners only buy them if they are repossessed so that isn't available either? any help would be great.

Thanks

P.S. We are thinking of just letting them take it.

If you let the Mortgage company take it, what will happen is they will auction it off. This means that they will take the best offer. If there is a deficiency then YOU will be responsible for it.

I really don't see you having any options here. Sorry.