Posted on: 11th Jul, 2013 12:12 am
I have a mobile home on which I am still making payments. But I now want to move out of the property. Do I return the house to the home lot or do I sell it?
Hi Bobby,
If you stop paying the mortgage, then the lender will foreclose the property. You may sell off the property but the amount that you receive should be used to pay off the mortgage.
Take care
If you stop paying the mortgage, then the lender will foreclose the property. You may sell off the property but the amount that you receive should be used to pay off the mortgage.
Take care
Hi Bobby,
You can surrender the property to the lender and he will foreclose it to recover the mortgage. However, this foreclosure will have a negative impact on your credit report.
Thanks
You can surrender the property to the lender and he will foreclose it to recover the mortgage. However, this foreclosure will have a negative impact on your credit report.
Thanks