[adiesem]

We own a mobile home in a in a park where you lease the land. My husband has been out of work for over a year and I have a new job making $12,000 less. We can no longer afford the mortgage and lot rent together it is over 1100.00 a month. What would happen if we just walk from the property.

[twinkiedooter]

You don't have a mortgage you have a chattal loan similar to a car loan.

Have you tried advertising the home where the prospective buyer would take over your payments on the home as well as the park rent? This would at least get you out from under the mobile home loan.

The loan company will be coming after you for the remainder of the loan payments.

[Fr_Chuck]

Well what happens, the land rent keeps building up since the home is on the land, until the loan company actually repo's the home.

So from that aspect the landlord can keep billing you and billing you and finally sue you for the rent.

On the repo, they will repo, then add repo costs, perhaps moving costs, then they will sell it, and add legal fees, sell costs.

At that point a 40,000 loan balance may be 50,000 or even more. Then the home is sold, perhaps for 1/2 or even 1/4 of what you owed on it. And guess who still owes the balance.

On some homes I have seen people actually owe more after they move out and it is repo'ed than they owed before they move out.