Posted on: 08th Dec, 2010 05:37 am
We need some help with how to deal with a mobile home we brought in 2000 for 25,000 after our house was damaged from a tornado. We have had the trailer now for 10 years. After my husband hours at work were cut back 2 years ago we have had a hard time making the payments.
I called for the payoff on the loan this week and was floored to find that even after 10 years of paying almost 400.00 a month we still owe 16,000. What can we do this is crazy after paying 40,000 on a home that is now valued for less than 8,000. The mobile home is not attached to our land ...so the creditors can only take the trailer...But we would really like to work with them.
I called for the payoff on the loan this week and was floored to find that even after 10 years of paying almost 400.00 a month we still owe 16,000. What can we do this is crazy after paying 40,000 on a home that is now valued for less than 8,000. The mobile home is not attached to our land ...so the creditors can only take the trailer...But we would really like to work with them.
welcome madisoncreek,
as you're facing hardship in paying the dues, you should contact your lender and apply for a deed in lieu of foreclosure. if the lender agrees to it, then you will be able to get rid of the property and won't be liable for the deficient balance resulting from the property sale.
as you're facing hardship in paying the dues, you should contact your lender and apply for a deed in lieu of foreclosure. if the lender agrees to it, then you will be able to get rid of the property and won't be liable for the deficient balance resulting from the property sale.