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    bobbyburke's Avatar
    bobbyburke Posts: 1, Reputation: 1
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    #1

    Mar 28, 2011, 09:57 AM
    promissory note
    I live in Fl. And have a balloon promissory note on my mobile home that reached maturity last year. The lender has note contacted me and I keep paying. The interest is very high and on a $30,000 loan I have paid $16,500 with a balance of $29,000 still due. I need to know what I can do to get out of this. This home is dropped in value by 50-60% so I can't sell it for what is due. Help
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    Mar 28, 2011, 10:12 AM
    The lender is cheerfully collecting your very high interest past the due date; why would he call it in?
    This is why people walk away from their homes. But I take it you have no where to go...
    I would try to talk to the lender and say you can't pay. If you do it right, you might be able to negotiate a lower rate, one that is in their interest to accept vs. selling it for half. Do the math, or tell people here what it's worth and what your current monthly payments are, and maybe we can come up with a number that would be worth it to them. They might totally reject such offers, however, so be prepared to keep paying.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Mar 28, 2011, 10:35 AM

    Although a bankruptcy "cram-down" is not currently permitted for residential real estate, it might be possible to do it for a mobile home. That might be something to consider.
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