Posted on: 30th Aug, 2010 04:39 pm
MY MOBILE HOME WAS RECENTLY FLOODED AND SEVERLY DAMAGED. I STILL OWN 18 YEARS ON MORTGAGE. I HAD HOME OWNERS INSURANCE BUT NO FLOOD INSURANCE. MY PROPERTY WAS ALSO TIED IN WITH THE MORTGAGE. MY PLAN IS TO SELL THE HOME VERY CHEAP AND REBUILT IN THAT LOCATION. DOES ANYONE HAVE SUGGESTIONS ON WHAT I CAN DO ABOUT THE MORTGAGE. I CANNOT PAY THE FULL PAYOFF AMOUNT NOR CAN I PAY 2 MORTGAGE PAYMENTS WHEN I DO REBUILD. THE MORTGAGAE PAYOFF IS WAY MORE THAN WHAT THE HOME IS WORTH.
Hi DKS!
Welcome to forums!
You will be liable for paying off the mortgage in full when you sell off the property. You can sell off the property and pay the sale proceeds to the lender. If there remains a deficient balance, then you will have to contact the lender and check out if he can forgive the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will be liable for paying off the mortgage in full when you sell off the property. You can sell off the property and pay the sale proceeds to the lender. If there remains a deficient balance, then you will have to contact the lender and check out if he can forgive the dues.
Feel free to ask if you've further queries.
Sussane