Posted on: 13th Jan, 2010 11:09 am
Hi!
My boyfriend owes $35,000 on his trailer here in Michigan. His lot rent is $425/month, his payment $400/month. I own a home and would like him to move in with me. He will not be able to get anything near what he owes on it, and the bank says that they wouldn't take under $2000 less than he owes as a short sale. His Dad co-signed, and the bank said even if he lets it go into foreclosure, he'll still owe that money to them...He doesn't have good credit, and feels totally hopeless. How can he get out? Do banks offer personal loans for the difference with no collateral? Can he re-finance to take his Dad's name off? help!
My boyfriend owes $35,000 on his trailer here in Michigan. His lot rent is $425/month, his payment $400/month. I own a home and would like him to move in with me. He will not be able to get anything near what he owes on it, and the bank says that they wouldn't take under $2000 less than he owes as a short sale. His Dad co-signed, and the bank said even if he lets it go into foreclosure, he'll still owe that money to them...He doesn't have good credit, and feels totally hopeless. How can he get out? Do banks offer personal loans for the difference with no collateral? Can he re-finance to take his Dad's name off? help!
So if I understand this correctly...
He is paying $825 per month to live in a trailer and he does not own the land?
That is insanity.
He is paying $825 per month to live in a trailer and he does not own the land?
That is insanity.
No kidding! This is why he needs to get out! Any ideas? My mortgage is only $600 and he spends most of his time at my place anyways! What do we do?
Thanks for sharing information. Ie written and shared my thoughts about this on my blog.
annddddd...just where my that be found?
why it's on the blog, lnelson...can't you see it? it does make you wonder, doesn't it? and i'm afraid i don't have any sterling ideas on what your boyfriend can do.
