short sell of mobile home
we have a mobile home we want to sell and were told we should do a short sell on it because it is worth about $8,000 less than what we owe on it. What is envolved in a short sell and does it affect your credit?
You personally cannot short sale the loan. You would need someone else to do the short sale.
It will not hurt your credit, it will actually save you from having the "foreclosure" on your record. It takes 7 years before it can be wiped from your records and it makes it very difficult to get another loan once you've been foreclosed on.
Tanya
do you mean we need a realtor to short sale the loan ?
if so how do they get anything out of the deal if we arent getting more than what the house is worth?
How do we get a buyer if we tell people we are selling the house as a short sell wont that scare them off? Wont they be afraid that they will get stuck with a house thats not worth anything?
I mean the house is very nice but it is just not worth what we owe on it.
We owe 31'800 on it and suposedly it's only worth 23,000 or so thats alot to us
And are we going to have to make up that amount ?
Since you do not know much about short saling, then I would suggest contacting a real estate investor to help you out of the situation.
You, the homeowner, cannot short sale your own home. Someone else can do it, but technically it's against the law to give you any money even if it is short saled. The lender doesn't want to see any money going back to you because you owed them!
Tanya
i do not expect to get anything out of the deal we just want to get rid of the house so we can buy a bigger house. But the realtor will expect a commission. That's what i was getting at.