im stuck with a high interest mortgage on a mobile home the payoff never goes down so i cant trade because the payoff is more than its worth what should i do

buzzman

Look for a good deal on an appreciating asset like a house, and cut your losses. You will pay more in the long run of being a no win situation that you are in. A mobile home is much like a car. It is a depreciating asset, but an asset nevertheless. Look at it in terms of how much interest you would pay if you stayed in it.

Another response would be to get a roomate. A roomate for a few months would help minimize the pains of the loss. Remember, interest rates are on the rise. My belief is they are going to get worse before they get better. We are on a worldwide "Credit crunch". Lending agencies have "overextended" themselves and have been lending money that they don't have. This means many money market crashes are expected to happen. It is why the Feds have had to get involved, so we don't go into a global recession.

One more idea that came to me is, you can ask around you area if anchoring your trailer some how to a solid formation will allow you to get approved for a mortgage vs a personal loan. Depending on your area and the laws, anchoring your trailer to a concrete foundation will allow you to qualify your mobile home to a mortgage which is obviously substantually cheaper than a personal loan interest rate. Something to think about.