Posted on: 21st Mar, 2010 01:47 pm
I want to get rid of my mobile home! I bought this home back in 1999 and still owe almost $20,000 on it. I got married 1 1/2 yrs ago and have and have an extended family now and not enough space and due to commuting and needing to take care of an elderly parent, we have no choice but to move. Iwould love to get rid of this home, they can reposses it, thats fine, my credit is already bad, so that won't matter and we will be renting from someone we know so we don't need it anyway. How do I start this process? Do I call the mortgage company and tell them I want to surrender it? I am up to date on my payments. HELP!!!!
Welcome sydnorwagner,
You should inform your lender about your situation and try to surrender the property to him. As you are not facing any financial issues in paying off the mortgage dues, I doubt whether or not, the lender will be ready to go for a deed in lieu of foreclosure or short sale. Lenders generally accept any of these options when you're facing hardship in paying off the debts.
You should inform your lender about your situation and try to surrender the property to him. As you are not facing any financial issues in paying off the mortgage dues, I doubt whether or not, the lender will be ready to go for a deed in lieu of foreclosure or short sale. Lenders generally accept any of these options when you're facing hardship in paying off the debts.