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tjm822 · Sep 3, 2011, 07:53 AM

I filed bankruptcy this year, but signed reaffirmation papers to keep my 20-year old mobile home. I have since retired, and want to sell it, but I owe more on the home than it's worth. Can the agreement be canceled? Can I renegotiate the balance of the loan with the lender so that it can be sold and paid off?

ScottGem · Sep 3, 2011, 10:24 AM

You can try. The lender might agree to a short sale. But it takes two to negotiate.

twinkiedooter · Sep 3, 2011, 03:48 PM

Some lenders will redo the monthly payments if you don't owe that much left on the loan. Why not call and ask if they can do this in your case? No, the agreement cannot be cancelled as it is a reaffirmation contract you entered into when you did your bankruptcy.

Fr_Chuck · Sep 3, 2011, 03:51 PM

You can only do it, if the lender will agree. But unless they will agree, you must continue to make the payments

twinkiedooter · Sep 8, 2011, 06:17 PM

Are you allowed to rent this home out? If you are in a park you may be able to to this. Not all parks allow rentals but some do.

If you can rent out the home at least you'll be out from under a huge monthly payment proving you can find a suitable tenant. That would be another option. Forgot to mention this earlier.

And depending on your circumstances you could make a Contract for Purchase wherein the buyer pays you the monthly payment according to the contract and you in turn pay the bank mortgage. Then after so many years goes by and the buyer has been making payments on time you CAN have the buyers approach the bank and get a loan for themselves. Use an attorney to draw this up for you so everything is spelled out, such as who pays real estate taxes yearly on home and who pays for insurance on home (you can't get renter's insurance on a mobile home BUT they would qualify for MH insurance as they are buying it), maintenance, etc. Well worth looking into as a friend of mine in South Florida did exactly that and ended up owning her own double wide. Just be sure you get a hefty "downpayment" on the Contract for Purchase from the buyers and then keep that only for emergencies for the home.