Posted on: 19th Aug, 2010 08:50 pm
four years ago i took out an eight year loan on a used mobile home with my now ex wife. i have made my payments (some late), but i can no longer afford it. the mobile home is on a rented lot, and since local mo laws have changed to where the mobile home cannot be moved anywhere else, i cannot find a buyer for the mobile home. i do not wish to declare bankruptcy, but cannot afford to keep making the payments. i would like to know what happens if the mobile home goes back to the bank and how that will affect me and my credit. any insight into this would be greatly appreciated.
Hi Guest,
If you surrender the property to the lender, then he would foreclose it. This will have a negative affect on your credit report. Your score would get reduced by 250 points. Moreover, it would remain on your credit report for 7 years and you won't be able to qualify for a loan in the next 3-4 years.
Thanks,
Jerry
If you surrender the property to the lender, then he would foreclose it. This will have a negative affect on your credit report. Your score would get reduced by 250 points. Moreover, it would remain on your credit report for 7 years and you won't be able to qualify for a loan in the next 3-4 years.
Thanks,
Jerry