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bc977 · Apr 3, 2008, 07:29 AM

My husband and I are moving out of state and need to sell our mobile home in a hurry, however in our park has a lot of house already up for sale. We do have our home listed with a realtor for mobile homes. I guess my question is can we do a mortgage surrender and if we did what would happen from there? And what are the steps we would have to do? (I did forget to mention that we are not allowed to rent out our home in the park we are in)
:confused: :(

ScottGem · Apr 3, 2008, 07:30 AM

You would have to check with the mortgage holder about a surrender. But generally in such cases they sell the home at auction and still bill you for the balance.

You would be better off trying for a short sale.

bc977 · Apr 3, 2008, 07:33 AM

Does it show up on your credit report? If it does then it will stay on there for 7 years, correct?
How would we do a short sale on a mobile home?

ScottGem · Apr 3, 2008, 07:38 AM

You need to talk to your mortgage lender on any of this. If you surrender the mortgage it will go on your credit as a default or foreclosure. This will inhibit your ability to get credit like for a new home. It also means you will have to pay the difference between what you owed and what they sold the home for.

In a short sale, the lender agrees to take an amount less than the balance. They then "forgive" the difference, but you will have to pay taxes on that difference as income, next year.

bc977 · Apr 3, 2008, 07:54 AM

Thanks for your help... Gives some time to think on what we need to do.