Posted on: 12th Nov, 2010 07:25 pm
we have a balloon morgage in a doublewide mobile home in a park owr balloon morgage will be up dec.4th 2010 we have been trying to sell it for over a year my husband is disabled and im not working we dont live in the mobile home and we cant keep making the payments we need to give it back to the bank what will happen if we do that
If you do not pay off the dues and surrender the property to the lender, then he will foreclose the home. This will have a negative affect on your credit report. Your scores will go down by 250 points and you will be liable for paying the deficient balance resulting from the property sale to the lender.