Bankruptcy or repo/deficiency judgment

[Stephenie Smith]

What is the name of your state?Arizona

Which is worse for you and on your credit, Bankruptcy (Chapter 7) or a repo/d
deficiency judgments against you for letting your mobile home go back because you were stupid enough to have a boy friend (of 6 yrs) on the loan as well as the title? I cant sell the thing because he has dissapeared since last Jan and I dont know where he is or how I can get in touch with him to sign as a seller IF and When I can find one. So I am stuck with this mobile home and cant afford the payments anymore being a single parent with 2 kids. So back to my question. I know if I go BK it will be wiped clean right? What about the park? If i file BK I wont have to pay the park either right?
I heard it is much better then letting it go back as repo because they WILL come after me for the remaining balance they couldnt get from selling it. Please let me know what is best for me and what will happen either way..

Thanks

 

[HomeGuru]

What is the name of your state?Arizona

Which is worse for you and on your credit, Bankruptcy (Chapter 7) or a repo/d
deficiency judgments against you for letting your mobile home go back because you were stupid enough to have a boy friend (of 6 yrs) on the loan as well as the title? I cant sell the thing because he has dissapeared since last Jan and I dont know where he is or how I can get in touch with him to sign as a seller IF and When I can find one. So I am stuck with this mobile home and cant afford the payments anymore being a single parent with 2 kids. So back to my question. I know if I go BK it will be wiped clean right? What about the park? If i file BK I wont have to pay the park either right?
I heard it is much better then letting it go back as repo because they WILL come after me for the remaining balance they couldnt get from selling it. Please let me know what is best for me and what will happen either way..

Thanks

**A: post on the BK forum.

 

[amortgageman]

This would most likely depend on how the MObile home is reported on your credit report. If it is showing as an M1 (meaning Mortgage), then it will go as a foreclosure. If it is recording as an I1, then it is an installment loan and MAY or MAY NOT be recorded as a foreclosure. ????

Qualifying for a future mortgage is much more difficult with a foreclosure than a bankruptcy. Keep this in mind should your future plans include purchasing a home in the next two years.

 

[Stephenie Smith]

I will look into that. If I wait 3 yrs and have a huby that has good credit and put 75,000.00 down on a house do you think I would have a problem?

 

[HomeGuru]

I will look into that. If I wait 3 yrs and have a huby that has good credit and put 75,000.00 down on a house do you think I would have a problem?

**A: we have no idea. Consult with a mortgage broker.

 

[tyrone_bak]

If you have cash, bad credit is not a problem especially if you are paying 20% down on whatever you want to buy. 75,000 down on a 200,000 home is almost 50 %. Your future man is a dream come true for you.

 

[HomeGuru]

If you have cash, bad credit is not a problem especially if you are paying 20% down on whatever you want to buy. 75,000 down on a 200,000 home is almost 50 %. Your future man is a dream come true for you.

**A: WHAT?

 

[amortgageman]

Stepenie,

With a foreclosure (I hope it does not come down to this), YOUR abilities to get good financing will be diminished, not eliminated. Down payment requirements will be higher and interest rates as well. The first year would be about 25% -30% down payment. It will ease up slightly after 18 months, and you should be able to get decent terms after 24 months.

Bright spot on the horizon is that if your new husband can qualify on his own credit, he will still be able to purchase. This happens quite a bit anymore. It may take a little bit of shuffling on debt, or hopefully his income will let him qualify on his own.

 

[Stephenie Smith]

Thank you all for your help