Posted on: 26th Mar, 2009 05:34 pm
I am currently paying mortgage on a mobile home i've lived in for 8 1/2 yrs..i still owe quite a bit on it, and don't forsee myself paying on it for several more years. I've been turned down a few times when i asked my bank and some other lenders for refinancing. As much as i would like to sell my home, i know i will only get half of what i still owe on it if i'm lucky. Would a repossession be that bad of an idea? I'm getting desperate
Hi guest,
Walking away from the property will not be a good option in my opinion. If you walkaway from the property, the lender would foreclose it. Your credit report will be badly affected due to this foreclosure. Moreover, the lender will be able to sue you for the deficient amount resulting from the sale of the property.
You have mentioned that your lender has refused refinancing the loan. Did he give you any reason for that? If you are facing hardship in paying the mortgage, then you should let the lender know about it. He can give you some options so that you could pay off the debts.
Thanks
Walking away from the property will not be a good option in my opinion. If you walkaway from the property, the lender would foreclose it. Your credit report will be badly affected due to this foreclosure. Moreover, the lender will be able to sue you for the deficient amount resulting from the sale of the property.
You have mentioned that your lender has refused refinancing the loan. Did he give you any reason for that? If you are facing hardship in paying the mortgage, then you should let the lender know about it. He can give you some options so that you could pay off the debts.
Thanks
Why are you desperate? I do not see any desperation in your situation. You said "and don't forsee myself paying on it for several more years". Why not? You have a place to live in. You didnt say that you HAVE TO move. You didnt say that your income has changed.
