Posted on: 05th Feb, 2011 11:54 am
I have a loan with M & T bank for my mobile home. The loan has defaulted. I am trying to figure out what the bank will do next. To be honest I don't want the mobile home but I am trying to figure out what solution will be the least damaging to my credit. I live in PA
the lender will foreclose the property in order to recover his dues. however, you can apply for a deed in lieu of foreclosure in order to get rid of the property and you won't have to pay any deficient balance to the lender. however, it will reduce your credit scores by 250 points.