Need To Get Out Of Mobile Home Note
I've lived in my mobile home for 5 years and I've never missed a payment. However, due to personal reasons, I want to get rid of my mobile home NOW! I'm so desperate I'm about to voluntarily have it foreclosed. Not because I can't afford it, but because I don't WANT to live here. Does anyone have any advice? I've tried selling it, with no success. I need OUT asap! What are the effects of foreclosure? Any other quick options? Thanks for any help!
This is not my area of expertise. BUT...
I would encourage you to avoid foreclosure. That will scar your credit, making it difficult for you in the future.
Have you tried posting it on this site under "Properties"?
Can you "give" it away?
What do you mean by "give it away"? I'd like to move elsewhere (preferably rent something), but if I rent it out or have someone take over payments, it's ultimately still my responsibility. It needs repairs (which I can't afford to do). I really just want to get out from under the burden of it.
Quote:
On 2004-09-09 23:49, 64Ford wrote:
This is not my area of expertise. BUT...
I would encourage you to avoid foreclosure. That will scar your credit, making it difficult for you in the future.
Have you tried posting it on this site under "Properties"?
Can you "give" it away?
We need more details.
What do you owe?
Monthly payments?
How long left til it's paid off?
How much do you think it's worth as is?
How much do you think it's worth repaired?
Quote:
On 2004-09-09 23:53, txblondgrl wrote:
What do you mean by "give it away"? I'd like to move elsewhere (preferably rent something), but if I rent it out or have someone take over payments, it's ultimately still my responsibility. It needs repairs (which I can't afford to do). I really just want to get out from under the burden of it.
Quote:
On 2004-09-09 23:49, 64Ford wrote:
This is not my area of expertise. BUT...
I would encourage you to avoid foreclosure. That will scar your credit, making it difficult for you in the future.
Have you tried posting it on this site under "Properties"?
Can you "give" it away?
I owe approximately $43,000 on the house and $28,000 on the land (two seperate notes). Monthly house payment is $410 (doesn't include insurance or taxes) and monthly land payment is $345 (includes taxes)...so total monthly is about $755.00. They are both 30 year notes...so 25 years left to pay off. I have NO clue how much it's worth as is. The yard needs the most work, but I recently discovered a plumbing issue that may cost 200-500 to repair. Other than that...no MAJOR issues, just minor things.
[quote]
On 2004-09-09 23:58, Ruman wrote:
We need more details.
What do you owe?
Monthly payments?
How long left til it's paid off?
How much do you think it's worth as is?
How much do you think it's worth repaired?
[quote]
You seem to maybe be at a higher rate on the both loans. Land doesn't typically loan 100% loan to value so perhaps you put a down payment? My recommendation would be to CALL the company lending to you, and tell them the situation. Typically they can negotiate with you. I would work on getting your rate down to lower your payments. Tell them that for some reason you can no longer afford to make payments and ask them if there is any way you can get your payment lower(by doing a loan modification) since you have made payments on time for 5 yrs. Second option would be to try and refinance since rates are now lower than they were 5 yrs ago and your credit is probably improved.
The key would be to CALL your loan company before you decide to stop making payments and tell them the situation.
[quote]
On 2004-09-10 00:03, txblondgrl wrote:
I owe approximately $43,000 on the house and $28,000 on the land (two seperate notes). Monthly house payment is $410 (doesn't include insurance or taxes) and monthly land payment is $345 (includes taxes)...so total monthly is about $755.00. They are both 30 year notes...so 25 years left to pay off. I have NO clue how much it's worth as is. The yard needs the most work, but I recently discovered a plumbing issue that may cost 200-500 to repair. Other than that...no MAJOR issues, just minor things.
[quote]
On 2004-09-09 23:58, Ruman wrote:
We need more details.
What do you owe?
Monthly payments?
How long left til it's paid off?
How much do you think it's worth as is?
How much do you think it's worth repaired?
Quote:
I'd look up REI group meeting closest to you, and go to a meeting or two.
I seem to recall Kyle is somewhere close to Austin & San Antonio, and there are a number of very experienced REIs in that area who certainly could help you.
Tell the REIs you talk to that you have a "Sub To" deal and you'll probably find a buyer to take over your property and help you walk away from the debt.
Good luck.
John Merchant
[addsig]
txblondgrl,
Why are you so anxious to move out now?
Are both loans tied together? Cause the land might be a better sell, depending on the size of the land, which you didn't mention. I would like to know the size.
Thanks...I'll look into that. Yes, Kyle is between Austin and San Antonio.
Quote:
On 2004-09-10 15:14, JohnMerchant wrote:
I'd look up REI group meeting closest to you, and go to a meeting or two.
I seem to recall Kyle is somewhere close to Austin & San Antonio, and there are a number of very experienced REIs in that area who certainly could help you.
Tell the REIs you talk to that you have a "Sub To" deal and you'll probably find a buyer to take over your property and help you walk away from the debt.
Good luck.
John Merchant
I've been trying to move out for a while. I've gone through a divorce and I simply can't afford to maintain things. Plus, I'm unhappy with the location and many other factors. My house was on the market for over a year and not one nibble! I'm just tired of being here and dealing with problem after problem. I can afford the mortgage payments, but I can't afford repairs and maintanance issues. It's just too much for me. Besides...it's a 4 bedroom home and it's just me and my son living here.
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On 2004-09-10 15:28, bnorton wrote:
txblondgrl,
Why are you so anxious to move out now?
No...the loans are separate. The land is 1.24 acres, but it's not "good" land. It has a lot of problems. Drainage issues, overgrown lawn, un-maintained...ect.
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On 2004-09-10 15:55, dsofzz1 wrote:
Are both loans tied together? Cause the land might be a better sell, depending on the size of the land, which you didn't mention. I would like to know the size.
Do you want to stay in the area, or move far away?
I'm looking to move into Austin. I work there and all my friends and family live there. Kyle is just too far away from everything!
Quote:
On 2004-09-10 21:14, bnorton wrote:
Do you want to stay in the area, or move far away?
I noticed you don't have pictures or your property for sale on this website. Why not? What are comparable homes and land going for in Kyle?