Posted on: 18th Oct, 2009 01:44 pm
My girlfriend has a single wide and lives in a mobile home park. I would like her to move in with me, we live in michigan. She falls a little behind every month and it wont be long before she cant afford her house payment. If she walks away from the house what happens next? Should she let the lender know that she will no longer be making payments? There is noway she could sell it for what she ows on it. Should she look into a bankruptcy? Her credit is already bad so she isnt too concerned about it. Im sure the lender woould sell it and charge her the difference, I think, and then how do you go about paying them back? any advice and information would be great, thank you.
the lender will probably foreclose on the house
welcome motohall,
if your girlfriend walks away from the property and stops the mortgage payments, then the lender would foreclose the property as sunny has said. a foreclosure will have a bad effect on your girlfriend's credit.
in my opinion, it would be a better option to apply for a deed in lieu of foreclosure rather than filing bankruptcy. if the lender accepts her request, she won't be liable for the deficient amount resulting from the sale of the property. the lender would forgive this deficient amount.
if your girlfriend walks away from the property and stops the mortgage payments, then the lender would foreclose the property as sunny has said. a foreclosure will have a bad effect on your girlfriend's credit.
in my opinion, it would be a better option to apply for a deed in lieu of foreclosure rather than filing bankruptcy. if the lender accepts her request, she won't be liable for the deficient amount resulting from the sale of the property. the lender would forgive this deficient amount.