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    waynella's Avatar
    waynella Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 22, 2007, 12:36 PM
    Mobile home repo
    I have recently purchased a new mobile home and financed it in with my land. I already had another mobile (chatel loan) on this land that I can't seem to sell so I am thinking of turningit back to lender. Would there be any repercussions as for as my land or new loan.
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Feb 22, 2007, 04:02 PM
    Turning the old home back to the lender will not relieve you from the debit. The lender will not have better luck liquidating the home than you did. You and your collateral will be on the hook for any unrecovered moneys by the lender.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 22, 2007, 05:21 PM
    Yes, you will just want to sell it cheaper and cheaper.

    What happens is if you let it go back.

    Lets say you owe 10,000 on it right now, they come and get it, so you add 1000 fees to move it, and maybe 250 in repo costs and fees.

    So now you owe 11250. They will sell it. And they may sell it for only 5000
    So you still owe 6125 on a home you don't have.

    Iwould say rent it out, or sell it for as much as you can and work out payments on the balance if they will.
    Letting it go back is about the last thing you want to do
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