Posted on: 12th Apr, 2010 12:15 pm
Have been paying for a manufactured home for the last 9 years, without living in the home for the last three years. Was forced into retirement, wife now retired, can not keep up with payments, (have a condo that we live in). Had one offer in three years on the home, (very recent), less than what we owed so fit into the short sale category. Lender turned down the offer.
Will no longer pay on the home, have tried everything. Have it for sale for half the price. Should we voluntarily surrender home? Will the bank come after us?
The home is in the wife's name, bought it before we were married. We have tried everything we can think of to sell, thought the short sale would go through since it reflected what the home is worth these days.
Will no longer pay on the home, have tried everything. Have it for sale for half the price. Should we voluntarily surrender home? Will the bank come after us?
The home is in the wife's name, bought it before we were married. We have tried everything we can think of to sell, thought the short sale would go through since it reflected what the home is worth these days.
Hi Neal,
You can talk to the lender regarding a deed in lieu of foreclosure and give away the property to them. The lender will then take over the ownership of the property and sell it off to recover the outstanding balance on the mortgage. In most of the cases, the lender does not come after the borrower to collect the deficiency from the deed in lieu. Thus, it is expected that your lender would not come after you to collect the deficiency, if your request for deed in lieu is accepted.
You can talk to the lender regarding a deed in lieu of foreclosure and give away the property to them. The lender will then take over the ownership of the property and sell it off to recover the outstanding balance on the mortgage. In most of the cases, the lender does not come after the borrower to collect the deficiency from the deed in lieu. Thus, it is expected that your lender would not come after you to collect the deficiency, if your request for deed in lieu is accepted.