Mobile Home "albatross"
I was relocated by my company in Aug. My mobile home is in a park in CA. I am severly upside down(!!!), and my company will only cover me to a limited extent. The price has dropped and dropped and dropped, but I have no offers. I have changed real estate agents to no avail. I have excellent credit, but need a way to get rid of this home. What steps can I now take to protect my credit (as possible), but get out of this mess
Good Day to you:
If it were mine, with the limited info that you provided, I would look for a renter asap. Have them make your mortgage pmts until you are not upside down in the deal
Good luck and make $$$
Tom
Not enough info.
Where in California are you?
How much do you owe. How old is the home? How much do you think you are upside down? How much is the space rent? How flexible are you?
I don't recommend trying to rent long distance. People that rent mobile homes are a different class of renter than the normal renter and need extensive management to stay on course and not leave you with a trashed house.
Hi, I am looking to take one over for my mother in law.. email me.. **Please See My Profile**
If you can't sell for all cash, you might try to sell with terms. Perhaps with a 5-10% down payment, and you carry the note on the rest. The loan would still be in your name, but at least the payments would be covered by your buyer. I don't really know the CA MH market, but discuss this possibility with your RE professional. Conventional loans on MHs are hard to find. Owner financing may be an option you can use in this instance. Best of Luck!
You may do better in your attempt to sell by letting the park manager sell it for you.
Thanks for all the nice feedback. I will answer you individually
- k
[ Edited by kosmocue1 on Date 03/12/2004 ]
Anybody needing to sell a MH in a MHP needs to read "Deals on Wheels" & look seriously into selling on a note.
Since most MHPs in our area, and maybe yours too, forbids renting a MH, the note route maybe is the only way to sell it, and even then it may not be quick.
I've learned the hard way that a 55+ MHP is a slow sale, so if that's what you've got, it may take a while.
Good luck.
John Merchant