I WANT To Foreclose
I've been stuck in a mobile home for 5 years and I can't find a way to get out of it. I tried selling it with no luck. I really just want OUT! I WANT to foreclose, but I'm scared. I can afford the payments and have never missed a payment in 5 years. However, I just don't want to be here anymore. Any advice? How will a foreclosure affect me? HELP!
Thanks!
You should try finding someone who would be willing to rent the unit from you. If you cannot find a tenant, perhaps you can hire a local property management company to find you a tenant.
A foreclosure will very negatively affect your credit and ability to borrow in the future. I would imagine that by renting the unit even at a slight loss per month, you would end up better off than if you would go through foreclosure.
You can also look in the paper for investors in your area who might be willing to take over the payments on your unit.
There are many options available to you.
Right, but renting it out means 1.) I'm still ultimately responsible for it 2.) I become a landlord 3.) I'm still responsible for repairs and such.
I want to be out of this deal completely. I tired of putting money into it and I just want it gone. The condition of the land and some of the repairs are bringing the value down and I can't afford to maintain or repair it.
Quote:
On 2004-09-09 23:39, feltman wrote:
You should try finding someone who would be willing to rent the unit from you. If you cannot find a tenant, perhaps you can hire a local property management company to find you a tenant.
A foreclosure will very negatively affect your credit and ability to borrow in the future. I would imagine that by renting the unit even at a slight loss per month, you would end up better off than if you would go through foreclosure.
You can also look in the paper for investors in your area who might be willing to take over the payments on your unit.
There are many options available to you.
What do you owe on the mobile home?
What is it worth if you sell it?
I owe about $43,000 on the home and $28,000 on the land. I have no idea what it's worth, but probably less than that.
I had it on the market for over a year with not one nibble.
Quote:
On 2004-09-10 00:20, myfrogger wrote:
What do you owe on the mobile home?
What is it worth if you sell it?
You might want to consider lease option, that way you don't have to be a landlord you can delegate all your maintenance to your tenant buyer.