I Owe More Much More Than Its Worth Mobil Home
I owe 33,000 on a mobile home. It's 6 years old. Singlewide 16 x 80. Very nice in a park. Shed all the good stuff. So, what right? Well I have a great job and am trying to qualify for the real house of my dreams. However, I have this big rock around my neck. My life has changed considerably from when I purchase this mobile home. I am in Denver, CO. I am paying very high interest with green tree (was conseco) and park fees are like 470. and mortgage and insurance are like 440. I need to get a rent to own contract and keep it going. If I qualify for the house of my dreams. I may have to walk away at some point. I can't afford a huge deficet forever. If I can get a rent to own contract in the next few weeks. I probably will get the loan. Not sure that's the case though. What can I do? I don't want to walk away, but I don't want to be stuck here either. How do I rent it? Half to park has for sale signs and foreclosures in it. If I get the house can they attach it or put a lein on it what happens if I can't pull this off?
I need out or a creative way to get it to pay for itself are at least close. I know it say (convenents that you can't do that but people are doing it . The park people aren't doing anything about as long as you pay. The real estate guy they recommend is buying repos and renting them to his cousins, he has lots of cousins. I think my neice might be my next renter? Please somebody how do I fix this?:-( signed boy am I sick about this..
Quote:
On 2003-08-05 16:29, joyd wrote:
I owe 33,000 on a mobile home. It's 6 years old. Singlewide 16 x 80. Very nice in a park. Shed all the good stuff. So, what right? Well I have a great job and am trying to qualify for the real house of my dreams. However, I have this big rock around my neck. My life has changed considerably from when I purchase this mobile home. I am in Denver, CO. I am paying very high interest with green tree (was conseco) and park fees are like 470. and mortgage and insurance are like 440. I need to get a rent to own contract and keep it going. If I qualify for the house of my dreams. I may have to walk away at some point. I can't afford a huge deficet forever. If I can get a rent to own contract in the next few weeks. I probably will get the loan. Not sure that's the case though. What can I do? I don't want to walk away, but I don't want to be stuck here either. How do I rent it? Half to park has for sale signs and foreclosures in it. If I get the house can they attach it or put a lein on it what happens if I can't pull this off?
I need out or a creative way to get it to pay for itself are at least close. I know it say (convenents that you can't do that but people are doing it . The park people aren't doing anything about as long as you pay. The real estate guy they recommend is buying repos and renting them to his cousins, he has lots of cousins. I think my neice might be my next renter? Please somebody how do I fix this?:-( signed boy am I sick about this..
You are behind a rock and a hard place. The best way to get rid of this is to place an ad "Owner will finance no banks" Describe the MH and get some calls generated. If you find someone with a little bit down and they can afford the payment that you need, go ahead and sell it to them. You put the title in their name with you as the lienholder. If they fail to pay in the future, evict, and do it all over. Make sure to keep their downpayment for the time they decide to walk away. If you walk away from this, I don't see how the lender will still give you the loan on the house.
[addsig]
Joyd,Drop me a line to my email **please see my profile. I have someone in Denver who could possibly help you out.
Prosperous investing,
td