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renjenni · Oct 25, 2007, 10:49 AM

I have a mobile home that I have been trying to sell for 3 years... I am being transferred out of state... what do I do?? Just call the bank and tell them I'm moving??

kanicky73 · Oct 25, 2007, 10:52 AM

Unfortunately I don't think moving and calling the bank to tell them so will eleviate you of your legal responsibility to the mortgage. What you could do is contact any local factory's in your area and ask them if they offer relocation services to new employees they hire that move to there from another state. They often will refer people to you looking to buy. Its just an idea.

renjenni · Oct 25, 2007, 11:09 AM

I have no choice but to move... I don't really care if I have to pay for default cost... I cannot move a mobile home 2500 miles away... no one will buy it... I live in a community of 800 homes, over 100 are for sale.

slowandeasy · Oct 25, 2007, 11:49 AM

Hello Renjenni

If you let the moblie home go back and default on the loan Your credit will really be messed up! I understand you are wanting to sell ,but in the long run you are only hurting yourself by letting the bank take it back. Why not just rent until you can sell it?
Think before you act on this

ScottGem · Oct 25, 2007, 12:10 PM

If you default on your loan, the bank will repo the home and sell it at auction. Generally this means they get a fraction of what its worth and what you owe. You will still be responsible for any balance.

Does your company offer relocation assistance? Many companies will buy the home of a relocated employee and then work to rent or sell it.

kanicky73 · Oct 25, 2007, 12:32 PM

ScottGem, that is what I suggested above, the relocation thing. I also like slow and easy's suggestion of renting it out as well. They really don't want the bank to take it. If you ever plan on buying a home again you will have to wait at least 3 years if not longer if you have a foreclosure on your credit. There is another option, check out these links.

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kanicky73 · Oct 25, 2007, 01:26 PM

Right, but its my understanding that they would help them find a new home where they are moving to but not help them sell their current one. Please correct me if I am wrong.

ScottGem · Oct 25, 2007, 05:29 PM

Originally Posted by kanicky73

right, but its my understanding that they would help them find a new home where they are moving to but not help them sell their current one. please correct me if i am wrong.

It depends on the company. One company I used to work for did, in fact, buy the house from the employee. They used a relocation firm to handle the whole program. The employee had the option to tryand sell on their own or accept the relocation firm's offer.

kanicky73 · Oct 26, 2007, 07:44 AM

Ahh, thank you for the info. I stand corrected :-)

renjenni · Oct 27, 2007, 12:43 PM

Thank you all that answered my question... The park I live in does not allow for homes to be rented out... other's have tried and have been taken to court for it... very expensive... I have no way to sell it for anywhere near what I owe on it... My company will offer no relocation help... I have no choice but to either bankrupt or foreclose... what's the difference anyway... I will never buy another home... I miss renting and moving if I hate my neighbors. :D

kanicky73 · Oct 29, 2007, 08:08 AM

Then I really don't get why your asking for help? Sounds to me like you have already made up your mind way before you even came to this sight and asked us all for suggestions.

renjenni · Oct 30, 2007, 01:10 PM

WOW... you've got a mean streak in you!! Sorry to have bothered you and this sight... All I was asking for were suggestions!! And a little help... I thought the point of this was to have a meaningful dialog... I see that it's YOUR suggestion or the highway... Bye!!

kanicky73 · Oct 30, 2007, 01:46 PM

No not at all but we have all given you really good suggestions and it seems that you have already decided to just let the bank take it. I did not by any means mean to sound mean at all, sometimes its hard to understand someone's tone in here. We tried to give you as many options as we could. Perhaps I should have reworded my post above and said that if you have tried all of our suggestions, your only other option is to just let the bank take it.

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