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Kevinswife · Mar 20, 2007, 09:38 AM

We own a 1999 Skyline Woodfield home, we purchased it new in 1999. We are the sole owners, and have been trying for years to sell it, move it... rent it!
NO LUCK--
We found land last year, and tried getting it moved to land ( it is land ready)
No bank will finance it saying it won't appraise out ( construction, land, home all in one loan) so we put it up for sale... one person has come to look at it, most people will hang up on you once you tell them asking price ( which is only payoff)
We have grown out of the home, it is 2000 (plus) sq ft, has 4 bedrooms, 2 baths, living room, family room with fireplace.. gorgeous home, but costly ( we paid 80,000)
We are being backed into a corner, and want some advice... we can't sell it can't move it and can't rent it out-- we want a real home, with basement and garage-- how do we get out of this one and how bad will it hurt us if we leave it?

We live in a great neighborhood, but we are surrounded by foreclosures and empty lots due to the economy.
We have been approved for a loan to buy a traditional home, but we have to prove this one is rented at least--if not sold!
We had hoped to "rent" it out and in a few months after we moved we would let it go---quitting payments on the mortgage. NOW we are scared this will come back to bite us-
Anyway can anyone help us give us some adivce?

Thank you

Dr D · Mar 20, 2007, 10:17 AM

You are between a rock an a hard place. If the MH is worth less than the loan on it, see if you can find a buyer at a fair price. Try to get a loan somewhere for the difference. If you can manage to do this, it will be less painful than a repo. The lender will sell it cheap at auction and come after you for the difference. A repo and subsequent deficiency judgment will probably keep you from getting a mortgage. I left Flint MI in the late 70s, and know how it is back there. Good luck.

Kevinswife · Mar 20, 2007, 04:25 PM

THANK YOU--
OK here are the intentions up front and honestly!
We are trying to get a new loan ( mortgage) and move into the "new" home then let the MH go--
We called the MH mortgage and they will not work anything out with us, help us sell or anything-- so we said everyone is walking away-- they can try to sell it but no one is buying! We have watched them sit empty for up to 4 years-- so our thinking is we move, gain equity let them REPO it come after us for the balance, by then we have equity built up take out a new mortgage to pay off the balance and be free of it-

Is this a good plan or will it bite us in the BUTT??

We see no way out-- the park is a nice park, quiet mostly older people in the front where we are... everyone keeps to themselves, its not a high crime area- it has good schools and really is a beautiful home, I hate to walk away from it but we have been left with no options ( unless someone out here can help)

Again thank you in advance for opinions and suggestions we need all the help we can get

ballengerb1 · Mar 20, 2007, 06:29 PM

Grab your ankles because you will be bit. The bank will sell the house for even less than you and they will add on thousands of dollars of legit fees including taking you to court. In the end you'll owe them way more. Do not walk away and wait for them to bit you, it will hurt.

Dr D · Mar 21, 2007, 08:22 AM

I agree with ballenberb1. If you proceed with your chosen course of action, it will be painful. Do some checking to see what similar MHs sell for at auction and try to arrive at a guesstimate of the final amount of the deficiency that you will owe. This should give you an idea of whether you will have any hope of paying that debt over time or not. Since home appreciation is not what it once was, I doubt if your new home will be able to provide the funds to solve the MH problem. The old lender will employ every means to collect the debt. You might consider a pre-emptive consultation with a Bankruptcy attorney to determine whether a BK at some future time would provide an eventual solution to your dilemma. None of your options are good.

ScottGem · Mar 21, 2007, 08:55 AM

One method that some homeowners have used with varying success is a raffle. You can get a charity to sponsor the raffle and sell tickets with the MH as a prize. Anything over the payoff of the home goes to the charity.

grandma215 · Mar 21, 2007, 09:45 AM

You may also check with "donateforacause.org" they may take it. I'm not sure but it is worth a try before you walk off and get bit down the road. You may be better off to keep it and get it paid down to a good fair selling price.