Posted on: 15th Feb, 2009 06:56 am
My husband and I made the mistake of buying a home before our manufactured home was sold, and of course, it never did sell. We have been renting it out (at a loss of $200 a month) for 3 years now and found out within one week that my renter got fired from his job and my husband got laid off.
Now I won't be able to pay neither the "mortgage" for the mobile home nor the lot rent. However, we do not have a lease with the park and only pay month to month.
I know they will probably repo the mobile if we don't pay, but I am nervous about the park...can they legally come after us for rent after the home gets repoed? And I can't pay it now, so I certainly won't be able to pay more, plus fees in the future...what are my options?? I've never not paid any bills before and have excellent credit...I don't know what to do.
Thank you in advance!
Now I won't be able to pay neither the "mortgage" for the mobile home nor the lot rent. However, we do not have a lease with the park and only pay month to month.
I know they will probably repo the mobile if we don't pay, but I am nervous about the park...can they legally come after us for rent after the home gets repoed? And I can't pay it now, so I certainly won't be able to pay more, plus fees in the future...what are my options?? I've never not paid any bills before and have excellent credit...I don't know what to do.
Thank you in advance!
Hi kiera,
Though you haven't renewed the lease, you will still have to pay the lot rent. If you don't then there are chances that they can place a lien on your other properties or can even garnish your wages.
Though you haven't renewed the lease, you will still have to pay the lot rent. If you don't then there are chances that they can place a lien on your other properties or can even garnish your wages.
I have the exact same problem as you Kiera36! I am also living in a home that is worth 150K+ less than we paid for it. I am thinking more and more that we might as well say goodbye to our excellent credit and let both homes go. Nobody will be able to get a loan to buy the mobile home and we certainly can't afford it. Also our house has a 5 yr interest only loan so in 2 more years we will be screwed despite putting 20% down payment.
Hi Guest,
If you are delinquent on your payments, try speaking to your lender about a short sale or a deed in lieu. It is true that your credit will be badly affected if you go for a short sale or a deed in lieu. However, you should also note that if you go for a short sale, you will be liable to pay the deficient amount to the lender. In case of a deed in lieu, the lender will forgive the deficient amount.
Thanks.
If you are delinquent on your payments, try speaking to your lender about a short sale or a deed in lieu. It is true that your credit will be badly affected if you go for a short sale or a deed in lieu. However, you should also note that if you go for a short sale, you will be liable to pay the deficient amount to the lender. In case of a deed in lieu, the lender will forgive the deficient amount.
Thanks.