Posted on: 19th Feb, 2011 02:16 pm
We tryed everything to sell our mobile home and work with the lender. We tryed to get assistance to help. Nothing worked, because we did not own the land we were renting the lot. We gave the mobile home back to the leaders. It has been a year and it hasn't sold and I do not believe it will sell anytime soon. How does this affect us in the future? How are we going to get another home 3-4 years from now? Not sure what to do now.
How does it reflect on your credit report?
Last we checked in July the showed the account as open and past due 30 days even though we gave the home back in January. Not sure what it is now.
Hi chanel!
Welcome to forums!
I guess the property has not been foreclosed yet. As a result the account is being showed as open.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I guess the property has not been foreclosed yet. As a result the account is being showed as open.
Feel free to ask if you've further queries.
Sussane
Well how does this effect our ability to purchase a home 3-4 years from now????
Hi Chanel,
After a foreclosure, you'll have to wait for 3-4 years in order to get a new mortgage. You should take steps in order to improve your score meanwhile and then apply for a mortgage.
After a foreclosure, you'll have to wait for 3-4 years in order to get a new mortgage. You should take steps in order to improve your score meanwhile and then apply for a mortgage.
We are improving our credit and saving for a down payment, but the house wasn't a foreclosure, but the account still remains open on our credit. So I don't know what the banks are going to say about that 3 years from now when we go to get a mortage.
Welcome Chanel,
Unless you sell off your exiting house and pay off the mortgage, you won't be able to qualify for a new mortgage. So, you should list the property in the market in order to sell off the property.
Unless you sell off your exiting house and pay off the mortgage, you won't be able to qualify for a new mortgage. So, you should list the property in the market in order to sell off the property.
Ok the house has been up for sell for about 3 years. We didn't own the land just the mobile home. The mortage company has it for sell now. If it doesn't sell then what? What can we do to ensure we can get a home 3-4 years from now?