What Happens If I Voluntary Surrender The Mobile Home?
What will happen if I voluntarily surrender the house back to the mortgage company? I was told that it would get sold and that I would pay the difference between what I owe and what it was sold for. Is this correct? They said they would garnish my wages to collect the remaining money. I'm kind of worried. Can they do this?
I'd guess they would sue you, get a judgment, then do everything possible to collect on it.
Go spend a few bucks asking a TX lawyer what current TX law is re wage garnishment and how it might affect you.
One thing I can tell you is if you let this happen, you're going to have a bad hickey on your credit for a number of years, and it'll give you a very hard time trying to buy anything else.
Or even rent. Most careful LLs aren't going to be real interested in letting you rent an apartment from them if you've had a repo, eviction, etc.
I already have all the credit cards and credit I can possibly have. I also just moved into a brand new brick home. I have a failry new 2002 car and have been trying to sell this mobile home for several months now. I also understand that this will be on my credit report as a reposession and will remain on there for 7 yers.
I'd seriously consider trying to find a "Lonnie" type buyer, who'd give you a small down payment and his note for the MH.
You'd continue to pay on your note, your buyer would pay you, so it should cost you nothing out of pocket, and you could make some profit on the "wrap" deal.
It sounds like you are upside down (you owe more then you can sell the MH for).
John's suggestions are spot on.
I would try real hard to find a way out other then giving the unit back and taking the credit hit. Things can happen to you over the next 7 years where having a hole in your credit will be much more painful.
John
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