Help Please ASAP
I live in a doublewide home in PA... We owe money on it but are buying a home within 30 days... I cant aford to do both payments house paymnet and new house payment....
We thoguht about letting it go back to the bank the doublewide that is BUT what will happen to us? Iknow they will sherriff sale the DW but will that be the end of it or what else will happen?
Thanks
I would definatly avoid letting the mobile home go back to the bank. I would try to sell it for what you owe or even sell it and pay the difference.
If you can't do this you can try to negotiate with your lender and try to have them lower the payoff but know that this also negatively affects your credit.
You may want to reconsider buying a home until you have a plan for your finances.
We have talked to the lender and they are refussing to help us with htis... I had 1 family interested but when they couldnt just take over payments they was not interested... the comany is not taking no more customers. I asked what I was to do they said to sell it well we have and nobody wants it becausew e are upside down the family who does want it but they wanted to take over the payments due to credit...
Quote:
On 2004-09-19 22:47, myfrogger wrote:
If you can't do this you can try to negotiate with your lender and try to have them lower the payoff but know that this also negatively affects your credit.
Can someone please explain this in greater detail? Are you saying if you negotiate a lower amount your credit takes a hit? What would the actual credit report show?
Thanks
racechick1994,
You can have the people interested in purchasing your unit "take over the payments" you just need the proper paperwork to accomplish this. This is done all the time, in our business. We use different terminology however it is about the same thing.
You sell it with a Mobile Home Bill of Sale, not alot of paperwork involved when dealing with Mobile Homes. You would be carrying a note on the purchase price of the unit, the buyers pay you and you pay the lender. Your Bill of Sale would cover the terms of the sale.
I find that mobile lenders do not want the unit back and are more than willing to deal on the price of the unit. But I think in your case you probably could not make an all cash offer, no offense, just the way I see it.
On a side note, I too am not quite sure how a persons credit would be affected if they made a cash offer to a lender and the lender accepted it. Maybe myfrogger can explain what was meant by what he said.
John $Cash$ Locke
I'm new to the whole credit game but I have found that when people settle on accounts, it shows up as an account written off on your credit report. This carries an (R9, I9, etc) on your credit report which is almost equal to not paying at all. You gain only that the collection calls stop.
I have yet to analyze a credit report that has had a short payoff on a home mortgage or auto, but the information that I've been told is that it still will carry negative marks. Whether it will be a 9 on the scale or not, I don't know.
The truth of the matter is that if you've paid on time so far (or even been late up to 120 days), your credit will get worse when you settle.
Frankly I don't think that you'd qualify for a short sale here because it sounds like you haven't experienced any hardship and you want out just for the sake of wanting out.
I still urge you to pay your loan off in full. GOOD LUCK
Not sure how it works for a mobile home, but there's something out there called a bridge loan, where you basically borrow on the equity of your current house, then pay it off when you're able to sell the house. This assumes of course there IS some equity in the property. But, it'd be something to go to a lender and ask about.
So the family that wanted to take over the payments, they were willing to pay enough to cover the mortagage and lot rent?
Why do you believe that they cannot do this?
How much upside-down are you?