Can I Buy My Mobile As A Short Sale - Then L/O
Our 1999 DW MH has been not selling for 12 months in Thornton Colorado. We've relocated and are desperate to be rid of it. We owe $46K, have it listed for $39K. I have a bit of an inheritance coming to me. Can I buy the MH for a short sale price, then L/O? Or will the mortgage company not short sell to the mortgagee?
Thanks for any feedback!
-Chelsea
If you have an inheritance coming I would ask the mortgage company for a discount on the note for an all cash payoff.
Good Luck,
Kyle
cjbug73,
Glad to meet you.
This is how you buy a used Mobile Home send the Lender a cashiers check for 1/3 of what you owe, with a notation on the check that it will be paid in full if they accept the check and the title will come to back to you.
I have sucessfully done this many times and got the title for 1/3 of what was owed on the mobile.
Welcome on board this board, do not hesitate to do what I have suggested you will be very surprised.
John $Cash$ Locke
Thanks for the info...sending strangers thousands of dollars is a little scary, tho. Has anyone had luck simply sending an offer letter?
Also, on the L/O side, what's the best way to structure it so we don't get burned further? I've heard about a 'trust'. Is this relevant?
Thanks again-
Chelsea
John,
Excellent post!!!
Great Idea that can be used in purchasing off of the Repo list as well.
Harry